We introduced this in the last Congress. Congressman Carney, now Governor Carney, and I worked closely together on this proposal.
Since 2011, the SEC staffers have spent 7,196 hours at the cost of $1.1 million solely to write the pay ratio rule.
It is outrageous and I think this is, per your testimony, ripe for reform.
We hope that we will get good movement not just here in the House but also in the Senate.
Thank you, Mr. Chairman, and I want to welcome the panel. Thank you all for being here today.
I don't believe you have the authority, Madam Chair.
The real change has been we have a new President in the White House.
I want you to do a good job, but from the feedback that we get, the involvement that the Fed has in our corporate boardrooms has far surpass...
They voted with their money, and they gave most of their money, Mr. Wallison, to whom? Do you know?
So this argument that Dodd-Frank helps the little guy and hurts the big guy is absolutely false.
Well, Dodd-Frank is looking out for the little guy, and the previous system we used to have was to the benefit of the big guy.