A hearing Tuesday by the House Financial Services Committee, under Democratic Chairman Barney Frank of Massachusetts, marks the first time in more than a decade that all SEC commissioners have been called to testify together, the AP reported.
As the gap widens between corporate executives' compensation and employees' pay, and workers lose jobs at companies bought out by big private-equity firms, Tuesday's hearing affords Democratic lawmakers a chance to highlight themes likely to be sounded in next year's election, the AP reported.
Frank is not criticizing the agency but says he wants to provide a forum for concerns to be expressed. "I think they've been doing some good stuff," Frank said in an interview Monday, the AP reported, citing the SEC having approved revisions to financial-control rules that are designed to ease the compliance burden on companies.
But in another area, increasing shareholders' access to company ballots so they can more easily put proposals to a vote by all investors, Frank said he wants the SEC to move faster, the AP reported.-New York State Society of Certified Public Accountants
