Verret Testifies Before House Financial Services Committee
Professor J.W. Verret paid a visit to Capitol Hill on Thursday, June 11, to testify at the House Financial Services Committee's full committee hearing on "Compensation Structure and Systemic Risk."
Verret pointed out that seven executive compensation initiatives currently are underway and expressed concern that the breadth of ideas from disparate corners might lead to a lack of coordination similar to that at the root of the present financial crisis. He urged the committee to wait until executive compensation disclosure reforms bear fruit before undertaking any dramatic overhauls in executive compensation. Verret also suggested the committee examine quarterly earnings pressure to get at the root of short term thinking on Wall Street.
Besides his teaching duties at Mason Law, Verret is a Senior Scholar at the Mercatus Center and a member of its Financial Markets Working Group. He directs the Corporate Federalism Initiative, a network of scholars dedicated to study of the intersection of state and federal authority in corporate governance.