It’s not easy defending America’s overpaid CEOs, but somebody’s gotta do it. At least that seems to be the sentiment of the corporate lobby groups, politicians, and regulators who make up what might be called Washington’s CEO Pay Apologists Club.
Lately, this bunch has been on quite a tear. House Republicans’ health-care law will eliminate an Obamacare tax penalty on excessive compensation among insurance executives. Their Wall Street reform plan, scheduled for a vote this week, nixes several Dodd-Frank executive-pay reforms, including a ban on risk-inducing Wall Street bonuses and a regulation requiring publicly held corporations to report their CEO-worker pay gap.
These assaults take a certain amount of political courage at a time when corporate CEOs are making even President Donald Trump look like Mr. Popularity. In a March 2017 Harris poll, Americans gave corporate chieftains a favorability rating of only 24 percent, about half the share who approve of Trump’s job performance.
Even a majority of self-identified Republicans favor a fixed ceiling on CEO pay. Of course, none of the modest Obama-era reforms now on the chopping block went anywhere near that far. But that hasn’t dampened GOP hostility toward them.