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H. Rept. 114-504 1 (2016-04-19)

handle is hein.congrecreports/crptxrmb0001 and id is 1 raw text is: AUT-ENTICATED US. GOVERNMENT INFORMATION GP 114TH CONGRESS REPORT 2d Session HOUSE OF REPRESENTATIVES 114-504 BURDENSOME DATA COLLECTION RELIEF ACT APRIL 19, 2016.-Committed to the Committee of the Whole House on the State of the Union and ordered to be printed Mr. HENSARLING, from the Committee on Financial Services, submitted the following REPORT [To accompany H.R. 414] [Including cost estimate of the Congressional Budget Office] The Committee on Financial Services, to whom was referred the bill (H.R. 414) to amend the Dodd-Frank Wall Street Reform and Consumer Protection Act to repeal certain additional disclosure re- quirements, and for other purposes, having considered the same, report favorably thereon without amendment and recommend that the bill do pass. PURPOSE AND SUMMARY Introduced by Representative Huizenga on January 20, 2015, H.R. 414, the Burdensome Data Collection Relief Act, repeals Sec- tion 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Public Law 111-203), which requires all publicly traded companies to calculate and disclose in their annual proxy statements with the Securities and Exchange Commission (SEC) the median annual total compensation of all employees of the com- pany excluding the Chief Executive Officer (CEO), disclose the an- nual total compensation of the CEO, and calculate and disclose a ratio comparing those two numbers. H.R. 414 alleviates the enor- mous burden and complexity Section 953(b) poses to publicly trad- ed companies, with very little, if any, corresponding benefit to in- vestors. BACKGROUND AND NEED FOR LEGISLATION The disclosure requirements imposed by Section 953(b) of the Dodd-Frank Act originated in the Senate, and were neither dis- cussed nor debated during the Conference Committee's delibera- 59-006

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