November 29, 2013
I am writing in support of the Dodd-Frank rule 953(b). It is an attempt to restore some semblance of sanity into our current broken corporate culture. That reckless and greedy CEOs take home obscene amounts of money, no matter how poorly they perform, especially when ordinary workers make so little that they cannot feed their families or afford basics like shelter, heat and health care is simply outrageous. Indeed, it's reminiscent of the days before any meaningful workplace regulations were implemented. The current setup is an accident waiting to happen, and in fact a big accident did happen in 2008. We must learn from this disaster to prevent future such catastrophes.
American workers are more productive than ever, but, year after year, studies show working Americans earning less and less, even as CEO pay balloons and corporate profits soar. Meanwhile, stockholders are also getting fleeced while corporate executives claim to "earn" extravagant, unearned salary and benefit packages.
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. In 1990, senior executive pay absorbed 5 percent of corporate profits. Today, according to Government Metrics International, it absorbs 10 percent.
Fairer pay structures mean stronger companies and a stronger economy – both of which are important to me as a consumer and as an investor.
No doubt there are a select few who benefit from the status quo of keeping the pay disparities undisclosed. No doubt there are a select few who benefit from the status quo of keeping the pay disparities undisclosed. But you must protect the American public, not the interests of CEO executives.
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,
janet lynch
Pownal, ME