Scott Garrett: “I rise to offer this straightforward and commonsense amendment today to provide shareholders and companies better…”

“I rise to offer this straightforward and commonsense amendment today to provide shareholders and companies better guidance on what constitutes an excessive executive compensation package that this interventionist, otherwise, legislation before us does. But before I do that, I commend the distinguished chair of the committee for his hard work on this legislation, but I would like to point out an inconsistency in his approach to this legislation. We now have before us new SEC guidelines on executive compensation transparency. These new rules, unfortunately, have not even been given a chance, not an opportunity to bear any results or any fruit whatsoever. So without giving time to see if these new SEC rules will work, the chairman and this House are rushing ahead to consider legislation to address the issue. But on the other hand, Mr. Chairman, in regards to Sarbanes-Oxley reform, the SEC is also considering new guidelines to address numerous concerns, and in that case, the chairman believes that Members need to be patient and let the SEC do its job. In fact, we have not even had a single hearing on that topic.”