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DODD STATEMENT ON OBAMA ADMINISTRATION’S EXECUTIVE COMPENSATION PROPOSALS

June 10, 2009

WASHINGTON, D.C. – Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today released the following statement regarding the Obama Administration’s proposals to curb executive compensation: 
 
“Executive compensation has spiraled completely out of control – instead of rewarding long term success it has rewarded short-term gains and encouraged excessive risk-taking.  What’s particularly offensive is that many companies who are relying on taxpayer dollars for survival are simultaneously rewarding those who drove their firms and our economy into the ditch.  That’s why I worked to pass a measure curbing excessive executive compensation in February, and I’m pleased to see the Administration is now taking steps to crack down on these practices. 
 
“I’ve always been a firm believer in strengthening shareholder voices through ‘say-on-pay’ requirements and tougher standards for those responsible for overseeing executive compensation.  I included a ‘say on pay’ provision when we restricted excessive compensation from those companies relying on taxpayer funds to survive, and I will consider it as an integral part of our ongoing efforts to bring financial regulations up to 21st century standards.”
 
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