The U.S. Securities and Exchange Commission voted Wednesday to approve a new rule that requires organizations to disclose how much their CEOs make in comparison to the average worker.
According to Bloomberg, the new rule is the equivalent of “handing a new weapon to groups protesting rising income inequality.”
The 3-2 vote left business leaders hopping mad. After the vote, the U.S. Chamber of Commerce released this response, in which Chamber President and CEO David Hirschmann put the new rule in what he called “LeBron terms,” speaking about NBA star LeBron James. He said:
I bet that the Miami Heat had a better pay ratio last season than the season when they had LeBron on the team that went on to win the championship. And yet, certainly as an investor in basketball teams, it wouldn’t help you to know that.
Further down in its statement, the Chamber simply argues, “This is a rule that is more harmful than helpful.”