WASHINGTON, D.C. – During questioning at today’s Senate Banking Committee hearing on Wall Street Reform, U.S. Senator Robert Menendez received confirmation from SEC Chair Mary Jo White that the Commission is developing the rule necessary to implement his requirement that public companies disclose how much more their CEO’s are paid than rank and file workers and will issue it “within the next month or two.”
In an exchange with White, Menendez (D-NJ) pushed for confirmation of a recent report by Bloomberg news, in which anonymous sources indicated the proposed rule would be forthcoming soon, pointing out that it’s been years since the requirement was passed as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
“It should be in the near future. I don’t know if that’s helpful to you…” White told Menendez. “I would hope that it is completed in the next month or two…” she added after further prompting.
Menendez has been calling on the Commission to issue the rules needed to implement the requirement since the law passed, including a letter in 2011 and 2012
According to data compiled recently by Bloomberg news, across the Standard & Poor’s 500 Index of companies, the average multiple of CEO compensation to that of rank-and-file workers is 204 – up from 170 in 2009 – with executives at some companies raking in more than 1000 times as much as their average worker. Over the last decade, median family income fell for the first time since the Great Depression.
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