by Art Gutman Ph.D., Professor, Florida Institute of Technology
On 1/18/12, Rep. Gregory Meeks (D-N.Y.) introduced H.R. 3791 requiring public companies to disclose their pay brackets and how many women and minorities fall within them. This bill would amend the Securities Exchange Act and is aimed at 10-K filings with the Securities and Exchange Commission. According to Meeks, the “inspiration” for his bill is none other than Mitt Romney. Meeks wrote the following “testimonial” to Romney on his website: (see http://meeks.house.gov/press-release/congressman-gregory-w-meeks’-staetement-bill-implement-mitt-romney’s-idea-benefit).
In 1994, Mitt Romney advocated for putting pressure on public companies to benefit women and minorities, stating: ‘I believe that public companies… should be required to report in their annual 10K the number of minorities and women by income group across the company, so we can identify where the glass ceiling is and break through it. And I think that the market of America will say ‘that company has not promoted women has not promoted minorities’ and will put pressure on American corporations and agencies to respond."
He writes further:
“It is heartening to note that Governor Romney recognized the lack of opportunity and the unlevel playing field that women and minorities face in the employment market. While Governor Romney and Republicans have often said one thing and done another, Romney’s proposal to, in his words ‘pressure,’ American corporations to respond to inequality deserves consideration. That is why I have introduced H.R. 3791."
“My bill, following Governor Romney’s logic, requires the United States Securities Exchange Commission (SEC) to issue rules to require public companies to disclose pay brackets within the company, and the number of women and minorities that fall within each bracket."
Interesting, to say the least!!!