In May 2007, the House of Representatives took the first step to getting such a law on the books by passing H.R. 1257, the Shareholder Vote on Executive Compensation Act, introduced by Rep. Barney Frank, the Massachusetts Democrat who is chairman of the House Financial Services Committee.  The “say on pay” bill had strong bipartisan support and passed by a wide margin of 269-134.

Sen. Barack Obama, the Illinois Democrat and a presidential candidate, introduced a companion bill in the Senate the same day that the House passed this bill.  Regrettably, this companion bill, S. 1181, also called the Shareholder Vote on Executive Compensation Act, has languished in the Senate.  Senators must take up this bill and pass it in this session so that "say on pay" stands a chance of becoming law.