Capital Markets Subcommittee Chairman Garrett stretched the concept of a legislative hearing by convening with a wide-ranging panel to talk about perceived negative consequences of the Dodd-Frank law. But panel members only heard from one witness on each of the five “reform” legislative proposals put forth by industry.
Specifically, an official with the Society of Corporate Secretaries and Governance Professionals supported a bill to repealing a Dodd/Frank provision requiring publicly traded companies to disclose a ratio of their median employee’s salary to their CEO’s compensation package. The executive director of the American Securities Forum urged the passage of a bill to lessen liability standards for credit rating agencies. A bill exempting private equity fund advisors from SEC registration requirements received the support of the private equity industry. And a Coalition of Derivative End Users representative repeated their arguments against margin requirements of end users.
The Democratic witness, representing the Americans for Financial Reform, argued against the provisions of each bill.