34.8 F
Fort Worth
Tuesday, December 1, 2020
Banking Trump's acting SEC chair targets rule about CEO pay disclosure

Trump’s acting SEC chair targets rule about CEO pay disclosure

Other News

Tarrant County DA’s office changing how it handles misdemeanor marijuna cases

The Tarrant County Criminal District Attorney’s Office is changing how it handles misdemeanor marijuana cases. The Tarrant County  Criminal District Attorney’s Office on Monday, Nov....

Arlington selects new police chief from Baltimore department

Col. Al Jones, a 25-year veteran of the Baltimore County Police Department, has been appointed the new police chief of the the City of...

Family of Black woman shot through window sues Texas officer

FORT WORTH, Texas (AP) — Family members of a Black woman who was killed when a white police officer fired through a window of...

Law firm offers free estate plans for health care workers during pandemic

Fort Worth attorney Erik Martin says he felt compelled to find a way for his law firm to join the effort to support frontline...

After years of wrangling, a controversial rule requiring thousands of public U.S. companies to share how much more their chief executives earn than their typical rank-and-file employees became effective this year. The so-called “pay ratio” disclosure threatens to put a spotlight on an potentially embarrassing disparity that many companies have long fought to obscure.

The Securities and Exchange Commission finalized the rule in 2015 after receiving thousands of public comments. On Monday, the agency’s acting chairman said it was time to reconsider.

“It is my understanding that some [companies] have begun to encounter unanticipated compliance difficulties that may hinder them in meeting the reporting deadline,” Michael Piwowar, who voted against the initial rule, said in a statement.

“I have also directed the staff to reconsider the implementation of the rule based on any comments submitted and to determine as promptly as possible whether additional guidance or relief may be appropriate.”

The move by Piwowar is just the latest sign that many of the rules put in place by financial regulators under the Obama administration may now be in danger.

Last Friday, Trump signed an executive order asking for a review of the laws and regulations that govern the U.S. financial system in an opening bid to upend 2010’s financial overhaul law, known as Dodd-Frank. That effort is expected to ignite a protracted battle on whether efforts to rein in Wall Street after the financial crisis when too far — or not far enough.

Forcing companies to disclose the pay-ratio between CEOs and employees was one of the most controversial aspects of Dodd Frank and a victory for Democrats and labor groups. But business groups have argued the rule is cumbersome and unnecessary.

Piwowar, a Republican, was appointed to the agency’s commission by President Obama in 2013 and President Trump appointed him acting chair last month. He replaced Mary Jo White, who stepped down upon Trump’s inauguration. But Piwowar’s time at the top is not expected to last long. Trump has nominated Wall Street lawyer Jay Clayton to head the SEC. The Senate has not scheduled Clayton’s confirmation hearing.


Oh hi there 👋
It’s nice to meet you.

Sign up to receive awesome content in your inbox.

We don’t spam! Read our privacy policy for more info.

Latest News

A&M System Regents OK Tarleton Analytical Policing Institute

The Texas A&M University System Board of Regents has approved creation of Tarleton State University’s Institute for Predictive and Analytical Policing Sciences, a part...

U.S. Supreme Court leery of Trump’s bid to exclude undocumented immigrants from congressional reapportionment

Some Supreme Court justices on Monday seemed skeptical of President Trump’s claim he has the authority to exclude undocumented immigrants from population totals when...

Biden to nominate Yellen, highlights diversity on econ team

WILMINGTON (AP) — President-elect Joe Biden on Monday announced his senior economic team, including his plans to nominate the first woman to head the...

Congress returns with virus aid, federal funding unresolved

WASHINGTON (AP) — After months of shadowboxing amid a tense and toxic campaign, Capitol Hill’s main players are returning for one final, perhaps futile,...

JRB Fort Worth chosen for main operating base for C-130J aircraft

Naval Air Station Joint Reserve Base Fort Worth has been selected as a main operating base for eight C-130J aircraft at the 136th Airlift...