Statement
Comment letter urging bank regulators to better regulate executive pay to prevent a future financial crisis as required by Dodd-Frank Act Section 956.
… of the American Federation of Labor and Congress of Industrial Organizations (the “AFL-CIO”), I appreciate the opportunity to comment on the proposed rule that has been jointly developed by the Federal Reserve Board, the Federal Deposit Insurance … Financial Crisis Inquiry Commission described how incentive compensation practices at financial services companies helped to create the Wall Street financial crisis. Compensation practices “encouraged the big bet—where the payoff on the upside could be huge and the downside limited. This was the case up and down the line—from the corporate boardroom to the mortgage broker on the street.”1 For this reason, the AFL-CIO strongly supports the efforts of the Agencies to ban …