Congress may seek to cut the pension of Barack Obama following his decision to accept a $400,000 fee for an upcoming speech to Wall Street executives.

During his time in the White House, Mr Obama vetoed a bill that would have capped the retirement funds of former presidents should they accept large sums of outside income.

Now that Mr Obama himself meets those criteria, Republican sponsors of the bill have said they will revive the legislation and hope that President Donald Trump signs it into law.

"The Obama hypocrisy on this issue is revealing," Jason Chaffetz, the Republican chairman of the House Oversight and Government Reform Committee and sponsor of the 2016 bill told USA Today. "His veto was very self-serving."

Mr Chaffetz, and Jodi Ernst, a Republicam senator from Iowa, who sponsored the companion bill in the Senate, have announced that they will re-introduce the Presidential Allowance Modernization Act this month.

The bill would caps presidential pensions at $200,000, plus the same for expenses. But those payments would be reduced dollar-for-dollar once their outside income exceeds $400,000.

When it was first introduced last year, Mr Obama vetoed the legislation on the basis that it would force former presidents to fire their support staff.