Wednesday, January 03, 2007

SEC Blasted on New Executive Compensation Rules

The Securities and Exchange Commission's decision to tweak disclosure rules on executive compensation is already under fire from congressional critics.
Rep. Barney Frank of Massachusetts, the incoming Democratic chairman of the House Financial Services Committee, said Wednesday he is "very disappointed with both the substance and the procedure used to reach the SEC's Christmas holiday decision to loosen reporting requirements for the pay of the top executives of public corporations."
"Backtracking by the SEC on this important matter of stock options reinforces my determination that Congress must act to deal with the problem of executive compensation that is now unconstrained by anything except the self-restraint of top executives, a commodity that is apparently in insufficient supply," said Frank.

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