Executive Pay Reform Legislation Moves In The House

[Omaha Steve]

http://www.laborradio.org/node/11627

Part of President Obama’s executive pay reform legislation makes it to floor of House mostly unscathed. Jesse Russell reports:

A bill making its way through the House won’t cap pay of executives, but it will require businesses to form a compensation committee that includes independent directors. The legislation made it rhough the House Financial Services Committee on a 40 to 28 vote and is expected to find itself in front of the full House by the end of the week. The bill would also give shareholders the power to vote on pay. It is a key component to the Obama Administration’s attempt to reform executive pay and the bill that is winding through the House hasn’t been altered much from the initial proposal. The bill passed on a party line vote with Republicans against the legislation.

[Lasher]

1. Good move in the right direction but it won't do much good.

Those 'independent' directors always seem to behave like they are somehow beholden to the CEOs.

[Earth Bound Misfit]

2. Yeah, this won't get watered down or "compromised" in the Senate...

:eyes: Hey! We REALLY, REALLY wanted "reform", but we JUST DON'T HAVE THE VOTES!