Edolphus Towns: “H.R. 3928, the Government Funding Transparency Act of 2008, will provide more information about executive pay at large…”

“H.R. 3928, the Government Funding Transparency Act of 2008, will provide more information about executive pay at large organizations that get almost all of their revenue from Federal taxpayers' dollars. It closes a loophole in the current law. Right now, the salaries of most people who are paid from Federal funds are public information. The salaries of every Member of Congress is public information. However, large private companies that draw most of their revenue from Federal funds have no such requirements. As a result, nobody knows if the taxpayers are funding enormous executive pay packages. This bill is intended to apply the same standards of transparency to these large companies that apply to other people and groups that benefit from Federal expenditures. For example, each year the Federal Government spends hundreds of billions of dollars on contracts. In 2006 alone, the Federal Government spent over $400 billion. This increase in spending has enriched Federal contractors by way of record-breaking profits and escalating executive compensation. Yet, although the government spends billions of dollars on private contractors, the American taxpayers and Congress know very little about the financial and compensation policies of these firms. This bill is very narrowly targeted.”