WASHINGTON, USA - The US Senate on Thursday voted to ban bonuses for top executives at banks or companies receiving taxpayer money from the Treasury Department's US$700 billion (S$1.05 trillion) bailout fund.

On a voice vote, the Senate approved the measure as an amendment to the US$900 billion economic stimulus package headed toward anticipated passage.

On Wednesday, President Barack Obama set a US$500,000 cap on executive pay and imposed other restrictions on companies that receive money from the Treasury Department's Troubled Asset Relief Programme, or TARP. The new rules are not retroactive.