Huffington Post: Senate Democrats Are Getting Fed Up With The SEC’s Delay On CEO Pay Rule
Senate Democrats are losing patience with the Securities and Exchange Commission over the agency’s failure to implement a new CEO pay rule.
Democrats have been pushing the SEC for nearly five years to move forward with the rule, which Congress required the agency to develop under the 2010 Dodd-Frank financial reform law. The rule would mandate that companies publicly disclose the ratio of their CEO’s pay to the median earnings of workers at the firm.
More than three years after Dodd-Frank passed, the SEC finally proposed the rule in September 2013. But the agency has refused to finalize it for more than 18 months — about nine times longer than the standard 60-day comment period.
“This is just another example of the SEC not acting on the authority we gave them under Wall Street reform,” Sen. Al Franken (D-Minn.) told HuffPost in a statement on Friday. “Since the legislation was signed into law, efforts by the SEC to implement these reforms have moved at a crawl.”