September 24, 2013
I’m writing in support of a strong Dodd-Frank rule 953(b).
Disclosing corporate pay ratios between CEOs and average employees will discourage the outrageous and reckless pay practices that fueled the 2008 crash.
I am not arguing from the standpoint of fairness, but from that of national economic strength. Every billion dollar transfer of middle class salary to the top 0.1% is a billion dollar loss of economic activity for the US. For the excess compensation going to the ultra rich will not be spent. A small fraction may be invested as venture capital, but the rest will be hoarded in one form or another. Our debt dependency is a DIRECT result of an inadequately salaried middle class.
Knowing which corporations heap riches upon their executives while squeezing struggling employees also will be a useful factor for me when considering which businesses to support with my consumer and investment dollars.
I am aware that you are under intense pressure by business interests to weaken or abandon the rule. Do not give in. Instead, weigh your duty to protect investors and the American public against the self-serving interests of those seeking to undermine this rule.
Thank you for considering my comment,
William Byars
Greenville, SC