CEO Accountability and Responsibility Act

Hozzl · 2023-12-15T15:55:07Z

Explore the details of House Bill 1284 CEO Accountability and Responsibility Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

12/15/2023, 3:55 PM

Summary of Bill HR 1284

Bill 118 hr 1284, also known as the CEO Accountability and Responsibility Act, is a piece of legislation currently being considered by the US Congress. The main purpose of this bill is to hold chief executive officers (CEOs) of large corporations accountable for their actions and decisions.

The bill includes several key provisions aimed at increasing transparency and oversight of CEOs. One such provision requires CEOs to disclose any conflicts of interest they may have and to report any financial transactions involving their company's stock. This is intended to prevent insider trading and other unethical practices.

Additionally, the bill mandates that CEOs be held personally liable for any illegal activities or misconduct that occur within their company. This means that CEOs could face fines or even criminal charges if they are found to have been involved in wrongdoing. Furthermore, the CEO Accountability and Responsibility Act includes measures to ensure that CEOs are held responsible for the financial health of their companies. This includes requiring CEOs to certify the accuracy of their company's financial statements and to disclose any risks that could impact the company's financial stability. Overall, the CEO Accountability and Responsibility Act is designed to promote ethical behavior and accountability among CEOs of large corporations. It aims to protect investors, employees, and the public from the negative consequences of CEO misconduct and irresponsible decision-making.

Congressional Summary of HR 1284

CEO Accountability and Responsibility Act

This bill increases the corporate income tax rate for publicly traded corporations that pay their chief executive officers or highest paid employees more than 100 times the median compensation of all their U.S. employees or that increase the number of contracted or foreign employees.

The bill also requires an executive agency, in the evaluation of bids or proposals for federal contracts, to give preference to a bidder that has a compensation ratio of highly paid to all employees of less than 50 to 1 in the previous calendar year.

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Current Status of Bill HR 1284

Bill HR 1284 is currently in the status of Bill Introduced since March 1, 2023. Bill HR 1284 was introduced during Congress 118 and was introduced to the House on March 1, 2023. Bill HR 1284's most recent activity was Referred to the Committee on Ways and Means, and in addition to the Committee on Oversight and Accountability, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. as of March 1, 2023