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 believe in fair compensation for all workers, including those CEOs...but I find it very hard to believe that the education, and effort, required has changed so dramatically since the 1960s/70s, when the average CEO made something in the neighborhood of 50 times what the average employee in a business made. This would imply that either the work of employees has become easier, by orders of magnitude, or that the work of CEOs has become harder. Neither of these appears to be the case, even remotely.
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,
El Cajon, CA