IB 

Union Calendar No. 38 

117TH CONGRESS 

1ST SESSION H. R. 1188 

[Report No. 117–55] 

To amend the Securities Exchange Act of 1934 to require issuers to disclose 

information on pay raises made to executives and non-executive employees, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

FEBRUARY 18, 2021 

Ms. VELA ́ZQUEZ introduced the following bill; which was referred to the 

Committee on Financial Services 

JUNE 8, 2021 

Reported with an amendment, committed to the Committee of the Whole 

House on the State of the Union, and ordered to be printed 

[Strike out all after the enacting clause and insert the part printed in italic] 

[For text of introduced bill, see copy of bill as introduced on February 18, 2021] 


pamtmann on DSKBC07HB2PROD with BILLS
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•HR 1188 RH

A BILL 

To amend the Securities Exchange Act of 1934 to require 

issuers to disclose information on pay raises made to 

executives and non-executive employees, and for other 

purposes. 


pamtmann on DSKBC07HB2PROD with BILLS
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•HR 1188 RH

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Greater Accountability 

5 in Pay Act of 2021’’. 

6 SEC. 2. PAY RAISE DISCLOSURES. 

7 Section 13 of the Securities Exchange Act of 1934 (15 

8 U.S.C. 78m) is amended by adding at the end the following: 

9 ‘‘(s) PAY RAISE DISCLOSURES.—An issuer required to 

10 file an annual report under this section or section 15(d), 

11 that is not an emerging growth company, shall include in 

12 such report— 

13 ‘‘(1) the percentage increase in the median of the 

14 annual total compensation of all executive officers (as 

15 such term is defined in section 240.3b–7 of title 17, 

16 Code of Federal Regulations) of the issuer over the 

17 last completed fiscal year; 

18 ‘‘(2) the percentage increase in the median of the 

19 annual total compensation of all employees of the 

20 issuer, excluding executive officers, over the last com21 pleted fiscal year; 

22 ‘‘(3) the ratio of the percentage described in 

23 paragraph (1) to the percentage described in para24 graph (2); 


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•HR 1188 RH

1 ‘‘(4) a comparison of the percentage described in 

2 paragraph (1) to the percentage change over the same 

3 period in the Consumer Price Index for All Urban 

4 Consumers published by the Bureau of Labor Statis5 tics of the Department of Labor; and 

6 ‘‘(5) a comparison of the percentage described in 

7 paragraph (2) to the percentage change over the same 

8 period in the Consumer Price Index for All Urban 

9 Consumers published by the Bureau of Labor Statis10 tics of the Department of Labor.’’. 


pamtmann on DSKBC07HB2PROD with BILLS

pamtmann on DSKBC07HB2PROD with BILLS
Union Calendar No. 38 

117TH CONGRESS 

1ST SESSION H. R. 1188 

[Report No. 117–55] 

A BILL 

To amend the Securities Exchange Act of 1934 to 

ployees, and for other purposes. raises made to executives and non-executive emrequire issuers to disclose information on pay 

JUNE 8, 2021 

Reported with an amendment, committed to the Comand ordered to be printed mittee of the Whole House on the State of the Union, 


pamtmann on DSKBC07HB2PROD with BILLS