Last year, President Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act that requires the disclosure of CEO-to-worker pay, among other critically important reforms. But Republicans in the U.S. House of Representatives have proposed repealing several important provisions of Wall Street reform, including CEO-to-worker compensation disclosure—before they even go into effect. They also want to create new loopholes in the law for private equity fund managers, companies that use derivatives, credit rating firms and companies that issue up to $50 million in securities.
The fact is, America deserves to know what CEOs make compared with their workers, and we simply cannot afford to deregulate Wall Street. More broadly, we can’t give an inch and allow the deregulators to bankrupt America again.
Efforts at repealing pieces of Wall Street reform are just the beginning of Wall Street thinking it can return to its old ways. We’ve got to put that notion to rest, right now.
Watch AFL-CIO President Richard Trumka discuss the 2010 Executive PayWatch. This year's PayWatch spotlights Wall Street bankers and their outrageous pay and lobbying efforts against financial reform. More Videos
