"It will decrease a bank's ability to lend, thereby stifling the economic recovery," he said.
Minow said that her hope in reining in compensation lay with bank boards and shareholders, rather than government officials.
"It took a village to make this problem, it will take a village to fix it," she said. "The (Financial Crisis Inquiry) Commission will play a very important role but at the end of the day the boards of the directors and the shareholders are going to have to do the heavy lifting."
With reports from ABC News' Zunaira Zaki and Charles Herman.