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...