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H.R. 1188 (117th): Greater Accountability in Pay Act of 2021

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The text of the bill below is as of Jun 8, 2021 (Reported by House Committee). The bill was not enacted into law.

IB

Union Calendar No. 38

117th CONGRESS

1st Session

H. R. 1188

[Report No. 117–55]

IN THE HOUSE OF REPRESENTATIVES

February 18, 2021

introduced the following bill; which was referred to the Committee on Financial Services

June 8, 2021

Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed

Strike out all after the enacting clause and insert the part printed in italic

For text of introduced bill, see copy of bill as introduced on February 18, 2021

A BILL

To amend the Securities Exchange Act of 1934 to require issuers to disclose information on pay raises made to executives and non-executive employees, and for other purposes.

1.

Short title

This Act may be cited as the Greater Accountability in Pay Act of 2021.

2.

Pay raise disclosures

Section 13 of the Securities Exchange Act of 1934 (15 U.S.C. 78m) is amended by adding at the end the following:

(s)

Pay raise disclosures

An issuer required to file an annual report under this section or section 15(d), that is not an emerging growth company, shall include in such report—

(1)

the percentage increase in the median of the annual total compensation of all executive officers (as such term is defined in section 240.3b–7 of title 17, Code of Federal Regulations) of the issuer over the last completed fiscal year;

(2)

the percentage increase in the median of the annual total compensation of all employees of the issuer, excluding executive officers, over the last completed fiscal year;

(3)

the ratio of the percentage described in paragraph (1) to the percentage described in paragraph (2);

(4)

a comparison of the percentage described in paragraph (1) to the percentage change over the same period in the Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics of the Department of Labor; and

(5)

a comparison of the percentage described in paragraph (2) to the percentage change over the same period in the Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics of the Department of Labor.

.

June 8, 2021

Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed