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Trump administration proposes eliminating pay-gap reporting requirement for companies

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Oct 06, 2017

On October 6, 2017, MarketWatch released an article that discussed how the Trump administration proposed scrapping a requirement that companies disclose the pay ratio between chief executives and employees, one of several recommendations outlined in a detailed report on capital markets.

The U.S. Treasury Department (Treasury) said parts of the Dodd-Frank Act should be repealed, among other steps, to promote economic growth and capital formation. "By streamlining the regulatory system, we can make the U.S. capital markets a true source of economic growth which will harness American ingenuity and allow small businesses to grow," Treasury Secretary Steven Mnuchin said in remarks accompanying a report on regulation and markets.

The Treasury recommends that Section 1502 (conflict minerals), Section 1503 (mine safety), Section 1504 (resource extraction), and Section 953(b) (pay ratio) of Dodd-Frank be repealed and any rules issued pursuant to such provisions be withdrawn, as proposed by H.R. 10, the Financial CHOICE Act of 2017. In the absence of legislative action, the Treasury recommends that the SEC consider exempting smaller reporting companies (SRCs) and emerging growth companies (EGCs) from these requirements.

Appendix B of the report includes a list of all of the Treasury’s recommendations, including the recommended action, the method of implementation (Congressional and/or regulatory action), and which Core Principles are addressed. 

Review the article on MarketWatch's website and the report on U.S. Treasury Department's website.

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