UPDATE 1-US SEC may seek power to reform pay practices

* US to announce plan on pay in next few days-Geithner

* SEC, banking supervisors to help lead pay reform

* SEC could get new tools, powers (Adds Kanjorski, Geithner, Obama comments, byline)

By Karey Wutkowski

WASHINGTON, June 9 (Reuters) - The U.S. Securities and Exchange Commission may seek new powers that would allow it to encourage compensation reform at publicly traded companies, Treasury Secretary Timothy Geithner said on Tuesday.

"As you'll hear from us in the next few days, the SEC has some important responsibilities and obligations in this area, and some tools and authorities they may seek in this area," Geithner told a Senate Appropriations subcommittee.

An SEC spokesman did not have an immediate comment.

The Obama administration will soon announce a plan to reform compensation practices across the financial industry to discourage excessive risk-taking, Geithner said.

Officials are also set to outline as soon as Wednesday new rules on compensation at companies that have received federal bailout funds, sources familiar with the matter told Reuters.