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.
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.
Only an SEC completely in the pocket of corporate america, willing to play its games and hide its shenanigans, would not support this Disparities in Pay rule. There is nothing in this rule that any respectable and socially responsible corporation could possibly find objectionable. You must therefore act, and act decisively, by imposing this perfectly reasonable requirement on upper management of american corporations.
It must also be stressed that this rule is for the benefit of shareholders in particular because it opens an important window into how a given corporation views its directors relative to its workers, an issue that affects bottom lines and shareholder value.
Thank you for considering my comment,
ben lichtin
rochester, NY