Oct. 16--Outgoing Bank of America chief executive Ken Lewis will receive no compensation in 2009 after a review by the Obama administration's pay czar.

Ken Feinberg suggested that Lewis receive no pay for the year, and Lewis agreed, bank spokesman Bob Stickler said Thursday evening. Lewis "felt that it was not in the best interest of Bank of America for him to get into a dispute with the paymaster," Stickler added.

In ordinary times, boards evaluate a CEO's performance at the end of each year and award payouts accordingly. But the government has a tight grip on executive pay at Bank of America, which is holding $45 billion in government loans.

Feinberg is also reviewing the pay of top executives at six other financial firms, including Citigroup. It's likely that he singled out Lewis this week because of Lewis' impending departure. While CEO pay has been under fire in the financial crisis, the decision is likely to stir debate over the government's reach into the private sector.

Feinberg can consider an executive's previous or impending compensation when deciding how much an individual should make. Though Lewis is not getting any special exit payment or perks, as many other exiting CEOs have, he holds accumulated benefits worth tens of millions.

The Treasury Department has said that Feinberg is reviewing Lewis' accumulated benefits, including retirement and stock holdings that he amassed over 40 years at the bank, which he helped build into the nation's largest. By one estimate, the tally is roughly $126 million, including a pension of about $53 million and $57 million in bank stock.

Stickler referred questions about that review to Feinberg's office. A Treasury spokesman declined to comment on the topic.

Lewis received $1.5 million in salary in 2008 but no bonus. He was set to receive a $1.5 million salary again this year but will now pay back what he has received so far.

The bank made the decision voluntarily, a person familiar with the matter said. The bank did not believe the pay czar had the legal authority to "claw back" all of Lewis' salary, the person said.

Feinberg, called the "special master" in Treasury lingo, was appointed by the government this summer and given broad power over the pay of top executives at Bank of America and six other companies receiving "exceptional assistance" from the government.

They are insurer AIG, Citigroup, automakers General Motors and Chrysler, and auto lenders GMAC Financial Services and Chrysler Financial.