It's the boldest idea yet to rein in Wall Street recklessness: Put the Federal Reserve in charge of policing not just the nation's banks, but also how much their employees are paid.

Some experts say the plan might help correct a pay system that has long rewarded those who make the sort of high-risk bets that triggered the financial crisis. Others see it as merely a short-term fix that will have little effect on making banks act more prudently.

But can it work?