The future of select executive compensation provisions under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Pub. L. 111-203) remains uncertain as we enter the New Year because efforts already are underway to repeal and amend Dodd-Frank by the Republican controlled Congress coupled with the incoming Trump administration.
Financial CHOICE Act – Will it Gain Traction?
The Financial CHOICE Act (H.R. 5983) is generating significant buzz regarding the future regulation of executive compensation because the bill proposes to repeal and amend select Dodd-Frank provisions among other changes. The bill, pending before the House Financial Services Committee, is sponsored by Chairman Jeb Hensarling (R-TX).
Executive compensation practitioners are keeping a close eye on the status of the FCA. The bill, if passed, will impact the Securities Exchange Commission’s final and proposed rules to implement the executive compensation provisions of Dodd-Frank as follows:
The SEC faces a potential change in the composition of its commissioners. Currently, there are two vacancies on the SEC Commission. Chair Mary Jo White also announced her plans to leave the agency in Jan. 2017. The incoming Trump administration likely will replace these three SEC vacancies, which will impact the agency’s future rulemaking decisions.
Practitioners predict that there will be changes in the regulation of executive compensation this year, but the degree of change remains uncertain. Updates regarding the latest FCA developments and associated impact on the executive compensation provisions of Dodd-Frank will follow throughout the upcoming year.Stay on top of the latest industry trends and news coverage with a free trial to the Benefits Practice Resource Center.
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