Press Releases

Congressman Bill Huizenga released the following statement after the Securities and Exchange Commission (SEC) voted to finalize its CEO pay ratio rule. Under Dodd-Frank, this onerous provision would require all publicly traded companies to calculate the pay of every employee globally, whether full- or part-time, in the same manner as compensation is calculated for executive officers.

“Today’s vote shows the SEC and Democrats in Washington are more interested in trying to score political points than make sound regulatory decisions. By failing to take into account an accurate representation of geographic location, this new mandate will provide misleading information to the American people while adding yet another layer of red tape that will further stifle investment and job creation.

“Instead of concentrating its resources on unnecessary and complex regulatory requirements, the SEC’s time would be better spent working to help small businesses and emerging growth companies gain access to the capital markets at a lower cost, as prescribed by the JOBS Act.

“Regulators in Washington should focus on creating a more efficient regulatory structure that takes into account a cost benefit analysis of each regulation and not simply continue to pile one burdensome edict on top of another. The pay ratio requirement is a prime example of a regulation where the costs dramatically outweigh the so-called benefits. To eliminate this politically motivated endeavor, I have introduced H.R. 414, the Burdensome Data Collection Relief Act, which would fully repeal the pay ratio requirement contained in Dodd-Frank.

“I thank Chairman Hensarling for announcing that the House Financial Services Committee will consider my legislation to repeal this onerous and ineffective regulation and I look forward to this debate in the fall.”