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Carson Votes to Protect Taxpayers, Shareholders Through Increased Oversight of Executive Compensation Print
July 31, 2009
 
Contact: Justin Ohlemiller– 317.283.6516 or 317.468.5167
 
WASINGTON, D.C. – Congressman André Carson gave the following statement on the House floor today before voting to protect American taxpayers and shareholders from the types of excessive and risky corporate compensation practices that contributed to the collapse of the financial markets last fall.
 
Carson joined his colleagues in passing the Corporate and Financial Institution Compensation Fairness Act, a bill that requires federal regulators to monitor inappropriate or risky compensation practices and compels large financial firms to disclose any compensation structures that include incentive-based elements. The bill also gives shareholders at public companies a say on pay for top executives.
 
Carson is an original co-sponsor of the bill and serves on the House Financial Services committee that drafted the new regulations.
 
                                                                                                                                   
 
Mr. Speaker, today, I’ve heard a number of interesting accusations about what this legislation would do if passed.
 
I have heard that the government will sit in board rooms and set caps on pay.
 
But my constituents are accustomed to hearing these kinds of false arguments from those who seek to maintain the status quo. My constituents sent me to Congress to move beyond the status quo of a broken financial regulatory structure.
 
They sent me to enact common sense reforms like those included in the legislation we are discussing today. They know that average families have cut back, worked longer hours and saved their money during this economic crisis.
 
Meanwhile, Wall Street executives acted irresponsibility and enjoyed lavish compensation packages as their companies failed. 
 
I am proud to be an original cosponsor of a bill that will bring about a new era of responsibility on Wall Street. 
 
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