February 24, 2016
Runaway executive pay had a lot to do with the wave of reckless behavior on Wall Street that produced the financial and economic meltdown of 2008. One modest change made by the Dodd-Frank Act was tasking the Securities and Exchange Commission with writing a rule requiring banks and other public companies to disclose the ratio of their CEO’s compensation to their median worker’s pay.
The idea that this requirement is uniquely burdensome, in comparison to all of the other accounting tasks required by publicly trading companies is laughable.
It is unacceptable that this has not been completed after more than five years of work.
Under the law, the public has a right to know this information and those rights should not be suspended for a moment longer.