The Federal Reserve told big US banks on Monday that draft pay guidelines aimed at curbing excessive risk-taking will have to be followed in this year’s round of bonus payments, even though the rules do not officially come into force until 2010.

US bank bonuses

A breakdown of bonus payments made by the nine banks that received billions in Tarp funds

The call for a speedy implementation of the proposals underlines the Fed’s desire to change Wall Street’s pay practices and stave off a public backlash ahead of what promises to be a bumper bonus season at many banks.