Press Releases

Today, Congressman Bill Huizenga released the following statement after his legislation H.R. 1135, The Burdensome Data Collection Relief Act, passed the House Financial Services Committee with bipartisan support:

"Section 953(b) of Dodd-Frank creates an unclear and burdensome reporting requirement that even after three years the SEC has been unable to properly address its scope and definition," said Huizenga. "Publicly traded companies' time and capital are much better spent hiring new employees, investing in new facilities and developing new products. I am glad to see H.R. 1135 passed with bipartisan support because it provides a targeted and pragmatic fix to one of the most burdensome and unnecessary provisions within Dodd-Frank."

Congressman Huizenga also filmed his latest edition of "Breaking It Down With Bill" on The Burdensome Data Collection Relief Act. In the video below, Rep. Huizenga explains his legislation and notes that even the namesake of Dodd-Frank, Barney Frank, has said that section 953 needs to be addressed.

Background: H.R. 1135 would repeal Section 953(b) of the Dodd-Frank Act. Section 953’s mandate related to “median pay” compensation disclosures is unworkable and costly to implement. This requirement could be interpreted as requiring all public companies to determine the compensation of all of its employees around the world, calculate the median annual compensation, and include this information in every filing with the SEC. The personnel resources required to develop and monitor these statistics would be extensive.