06-26-2017  3:25 am      •     
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NEWS BRIEFS

Cooling Centers to open in Multnomah County Saturday, Sunday

Temperatures expected to climb into the upper 90s this weekend ...

Multnomah County Leaders Release Statement on Safety at Summer Events

Officials advise public to check in, have a plan and be aware at public events ...

Portland Musician, Educator Thara Memory Dies

Grammy-winning Trumpeter, composer, teacher died Saturday at the age of 68 ...

St. Johns Center for Opportunity to Host Meet the Employer Event June 27

Employers represented will include Mary’s Harvest and Del Monte ...

New Self-Defense Organization Offers Training to Youth in Multnomah County

EMERJ-SafeNow offers July classes for children ages 8-10 and youth ages 15-19 ...

U.S. & WORLD NEWS

OPINION

Our Children Deserve High Quality Teachers

It’s critical that parents engage with educational leaders and demand equal access to high quality teachers ...

Civil Rights Groups Ask for Broad Access to Affordable Lending

Charlene Crowell writes that today’s public policy housing debate is also an opportunity to learn from the mistakes of the past and...

Criminal Justice Disparities Present Barriers to Re-entry

Congressional Black Caucus Member Rep. Danny Davis (D-Ill.) writes about the fight to reduce disparities in our criminal justice...

Bill Maher Betrayed Black Intellectuals

Armstrong Williams talks about the use of the n-word and the recent Bill Maher controversy ...

AFRICAN AMERICANS IN THE NEWS

ENTERTAINMENT




money in handU.S. companies will have to disclose their CEO's pay in comparison with that of their workers, in a newly proposed rule.

Wall Street's top regulator, the Securities and Exchange Commission, voted 3-to-2 at a meeting Wednesday to propose the rule that would force publicly traded companies to disclose a ratio that compares CEO pay with that of salaries of those who work for them.

The rule is a result of the Dodd-Frank Wall Street reforms of 2010. The rule has been slow to be adopted, partly because it lacked a deadline and big companies lobbied against it.

Companies have said that a pay ratio is difficult to create. Nearly two dozen groups and associations -- including those representing the oil, retail and financial services industries -- sent a letter to the SEC in 2012 complaining about "significant hurdles and burdens " of collecting such information. They also say it's not useful to investors.

The SEC decided to make things a little easier by saying the companies don't have to collect all salaries, they just need to take a statistical sample of workers in the middle of the pay scale.

That method would "provide companies significant flexibility in complying with the disclosure requirement," said SEC Chairman Mary Jo White at the meeting.

Unions have been pushing for the rule, which would highlight inequality of pay at U.S. companies between rank-and-file workers and those at the top.

Chief executives of the nation's largest companies earned an average of $12.3 million in total pay last year -- 354 times more than a typical American worker, according to the AFL-CIO, that represents over 50 trade unions.

"This pay data is important to investors because it shines a light on the company pay ladder for all employees, not just the pay of top executives that is already disclosed under current rules," said AFL-CIO President Richard Trumka, in a statement.

The rule isn't likely to take effect until next year, or even later. Companies and others get at least 90 days, possibly more to comment on the rule and make suggestions. Later, the SEC will review the comments and make changes to the rule before making a final decision.

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