The EU Parliament has just issued a draft law stating that banks may only pay a bonus to bankers of up to one times annual base salary (twice if the shareholders vote to allow such).

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Among those who have weighed in on the draft: the Investment Company Institute (which represents mutual funds), the American Bankers Association, the Securities Industry and Financial Markets Association and the Vanguard Group.

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Their draft proposals contain plans to withhold bonuses for up to five years until the longer-term impact of bankers' actions is clear.

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