House Panel Approves Measure to Repeal CEO Pay Rule from Dodd-Frank Act

Section 953(b) of the Dodd-Frank Act requires public issuers to disclose the median annual total income for all employees except the CEO, the annual total income of the CEO, and the ratio comparing the two figures.?á?á The Burdensome Data Collection Relief Act (H.R. 1062), repealing Section 953(b), was introduced by Rep. Nan Hayworth (R-N.Y.) in March. ?áThe House Capital Markets and Government Sponsored Enterprises Subcommittee of the House Financial Services Committee received testimony about the enormous burden and complexity Section 953(b) poses to publicly traded companies and the little corresponding benefit to investors. On May 4, 2011, the Subcommittee passed H.R. 1062 and forwarded it to the full committee.