Greater Accountability in Pay Act

Bill: 118-hr-5519
Sponsor: full_name: Rep. Velazquez, Nydia M. [D-NY-7]
Introduced: 2023-09-14
Policy area: Finance and Financial Sector
Latest action: action_date: 2023-09-14
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2023-09-14
action_desc: Introduced in House
text: <p><strong>Greater Accountability in Pay Act </strong></p><p>This bill requires specified issuers of securities to disclose compensation information regarding executive officers and employees.</p>

tv_txt: I 118th CONGRESS 1st Session H. R. 5519 IN THE HOUSE OF REPRESENTATIVES September 14, 2023 Ms. Velázquez introduced the following bill; which was referred to the Committee on Financial Services 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.

1. Short title This Act may be cited as the Greater Accountability in Pay Act . 2. Pay raise disclosures Section 13 of the Securities Exchange Act of 1934 ( 15 U.S.C. 78m ) is amended by adding at the end the following: (t) Pay raise disclosures An issuer required to file an annual report under this section or section 15(d), that is not an emerging growth company, shall include in such report— (1) the percentage increase in the median of the annual total compensation of all executive officers (as such term is defined in section 240.3b–7 of title 17, Code of Federal Regulations) of the issuer over the last completed fiscal year; (2) the percentage increase in the median of the annual total compensation of all employees of the issuer, excluding executive officers, over the last completed fiscal year; (3) the ratio of the percentage described in paragraph (1) to the percentage described in paragraph (2); (4) a comparison of the percentage described in paragraph (1) to the percentage change over the same period in the Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics of the Department of Labor; and (5) a comparison of the percentage described in paragraph (2) to the percentage change over the same period in the Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics of the Department of Labor. .