U.S. Rep. Mark DeSaulnier introduced the CEO Accountability and Responsibility Act (H.R. 5019) to limit corporate greed, invest in working Americans and reduce income inequality. The bill targets extreme CEO-to-worker pay disparities by increasing corporate taxes on companies with large gaps and by offering federal-contract preferential treatment to companies with pay ratios below 50 to 1. CEO-to-worker ratios were roughly 20–30 to 1 in the 1970s but now exceed about 300 to 1 at top S&P 500 firms. Similar local policies generated revenue in Portland and San Francisco. Separately, the East Bay Regional Park District acquired 140 acres for Deer Valley Regional Park.
U.S. Rep. Mark DeSaulnier, D-Concord, recently introduced the CEO Accountability and Responsibility Act (H.R. 5019), a bill that his office says would limit corporate greed, invest in working Americans and reduce income inequality. As working Americans struggle with higher costs of living and diminished power in the workplace, ultra-wealthy CEOs and large corporations are profiting hand-over-fist at their employees' expense and rewarding themselves with exorbitant salaries and bonuses, said DeSaulnier.
While in the 1970s, the average chief executive officer earned roughly 20 to 30 times the compensation of a typical worker, that disparity has exploded with estimates placing the ratio at more than 300 to 1 for top S&P 500 companies, according to DeSaulnier's office. The Congressmember's office says his bill would increase corporate taxes on companies that have extreme disparities between CEO and worker pay and offer preferential treatment in federal contracts to companies with pay ratios below 50 to 1.
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