On Wednesday, June 22, the House Financial Services Committee voted to recommend H.R. 1062, the "Burdensome Data Collection Relief Act," a bill that would eliminate the requirement in Dodd-Frank Act Section 953, that public companies calculate and disclose the ratio of the median of the annual total compensation of all employees of the company, except the CEO (including employees outside the US) to the annual total compensation of the company's CEO. Everyone recognized that this is a political disclosure, not an economic one, intended to give unions and certain media folks a tool to bash corporate America, and that the costs to comply would be enormous.

The bill still must be approved by the full House and then the Senate, before repeal is official.