November 29, 2013
I support Dodd-Frank rule 953(b), which strikes me as being all about the intersection of pay equity and investor value.
Why? Transparency for one thing. But more importantly because:
Millions of Americans remain out of work.
For those who have jobs:
*Minimum wages at less than subsistence levels *Salaries at decades-old salaries despite inflation *Jobs that include the duties and time of multiple people yet have been combined to reduce personnel and increase profits *Corporations/companies that require 24/7: "vacations" during which employees might not be in the office but are expected to continue working around the clock
* Increase in stress-related health conditions, immune disorders, and deaths
American workers are more productive than ever, but, year after year, studies show working Americans are earning less and less, even as CEO pay balloons and corporate profits soar.
The toll for cities and counties:
* scrambling to finance social services for the thousands, tens of thousands or more who want to work but have been reduced to attempting to stay alive
* need for additional law enforcement officers and jail space at a time of budgetary cutbacks
* increased cases of public and private property damage
* entire blocks or neighborhoods of boarded up houses
* electrical components and wiring stripped by thieves
* increased numbers of schizophrenics on the streets as those who have become homeless loose their minds
In 1990, senior executive pay absorbed 5 percent of corporate profits. Today, according to Government Metrics International, it absorbs 10 percent.
Disclosing corporate pay ratios between CEOs and average employees will finally show which corporations are driving this trend, which siphons money away from investors, and into the pockets of CEOs.
A select few in the 1% benefit from the status quo of keeping the pay disparities undisclosed. The select few benefit from the status quo of keeping the pay disparities undisclosed.
But you are to protect the American public, not the interests of CEO executives, wealthy investors, and wealthy donation-funded elected officials.
Fairer pay structures mean stronger companies and a stronger economy – both of which are important to consumers and investors.
I urge you to stand firm and implement a strong rule that will uphold the intent of the Dodd-Frank law.
Thank you for considering my comment,
Alanna Skiffington
Fresno, CA