A higher standard. Report tells Congress to let regulators strip tax-exempt status and go after boards that approve unreasonable executive pay.

It's time to give regulators the power to strip the tax-exempt status from charities that offer unreasonable executive compensation. That's the word from the Panel on the Nonprofit Sector's report to Congress. The report's 120 recommendations come amid increasing scrutiny of not-for-profits, and a spokesman for Sen. Chuck Grassley, left, says the Iowa lawmaker hopes to introduce legislation on the matter soon.