October 12, 2013
I am writing in support of Dodd-Frank rule 953(b).
American workers are more productive than ever, but, year after year, studies show working Americans earning less and less, even as CEO pay balloons and corporate profits soar. In 1982, CEOs were paid 42 times as much as the average worker, while now the difference is 354 times as much. I believe that this sharply increased inequality is destructive to the fabric of our American society and democracy, and whatever we can do to increase the transparency of the situation is valuable.
Disclosing corporate pay ratios between CEOs and average employees will finally show which corporations are driving this trend, which siphons money away from investors, and into the pockets of CEOs. In 1990, senior executive pay absorbed 5 percent of corporate profits. Today, according to Government Metrics International, it absorbs 10 percent.
Fairer pay structures mean stronger companies and a stronger economy – both of which are important to me as a consumer and as an investor.
No doubt there are a select few who benefit from the status quo of keeping the pay disparities undisclosed. Stand firm, and implement the law as written.
Thank you for considering my comment,
Theresa Kardos
Cortlandt Manor, NY