[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3791 Introduced in House (IH)]

112th CONGRESS
  2d Session
                                H. R. 3791

    To amend the Securities Exchange Act of 1934 to require annual 
disclosures relating to the compensation brackets in which an issuer's 
                  minority and women employees reside.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 18, 2012

  Mr. Meeks introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
    To amend the Securities Exchange Act of 1934 to require annual 
disclosures relating to the compensation brackets in which an issuer's 
                  minority and women employees reside.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. FINDINGS.

    Congress finds the following:
            (1) Breaking through the ``glass ceiling'' by minorities 
        and women is a bipartisan issue.
            (2) Former Massachusetts Governor Mitt Romney advocated an 
        idea for imposing pressure on public companies to benefit 
        minorities and women during a debate with then-Senator Edward 
        M. Kennedy in 1994, stating: ``I believe that public companies 
        and Federal agencies should be required to report in their 
        annual 10K the number of minorities and women by income group 
        across the company, so we can identify where the glass ceiling 
        is and break through it. And I think that the market of America 
        will say `that company has not promoted women, has not promoted 
        minorities' and will put pressure on American corporations and 
        agencies to respond.''.

SEC. 2. DISCLOSURES RELATING TO COMPENSATION OF MINORITIES AND WOMEN.

    Section 13 of the Securities Exchange Act of 1934 (15 U.S.C. 78m) 
is amended by adding at the end the following:
    ``(r) Disclosures Relating to Compensation of Minorities and 
Women.--
            ``(1) In general.--Not later than 270 days after the date 
        of the enactment of this subsection, the Commission shall issue 
        final rules that require each issuer required to file an annual 
        report under this section to--
                    ``(A) using compensation information for all 
                employees, determine the 5 compensation brackets in 
                which the issuer's employees reside (where such 
                brackets contain an equal number of employees and range 
                from the 20 percent of employees with the lowest 
                compensation to the 20 percent of employees with the 
                highest compensation); and
                    ``(B) include in the issuer's annual report the 
                number of minorities and women employed by the issuer 
                that fall into each of the compensation brackets.
            ``(2) Self-reporting.--For purposes of identifying an 
        employee as a minority or woman for purposes of paragraph 
        (1)(B), an issuer shall rely on self-reporting by such 
        employee.''.
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