On the recordSeptember 19, 2024
Mr. Speaker, I rise today as a former CEO who would have personally benefited from this legislation. I rise in strong, dare I say, vehement, opposition to this legislation. Let me be very clear. The job of a CEO, especially in capital- intensive businesses like the one I used to run, is to be a prudent and responsible steward of other people's capital. I should also be candid and say that sometimes investors can be a pain in the butt. When you are the CEO, you are managing their money. They may call you, and they may ask questions about wanting to dig into the details of your hiring policies. They may want to dig into the details of your internal governance policies. They may want to understand the degree to which your company is hedged out against future risks, ESG or otherwise. It is very tempting in those moments, from my personal experience as a CEO, to say: ``You all don't understand this business as well as I do. I am so much smarter than you. I am going to ignore your questions because they are not material,'' and hang up the phone. That is a great way to become an ex-CEO, which is exactly as it should be. When you tell them that they don't understand what I know about my company, they are inclined to correct you and say: ``No. It is not your company. It is my company.'' My Republican colleagues are doing exactly that with this bill.…





