Big bank CEO’s are making massive amounts of money, sometimes 900 times what the starting employee makes within the company. This gap has widened greatly over the past four decades, further stretching the wealth gap.
U.S. Sen. Sherrod Brown joined the America’s Work Force Union Podcast to discuss a recent Senate hearing he led and how a comprehensive infrastructure plan will help his home state of Ohio.
Senate Committee on Banking, Housing and Urban Affairs hearing
During the Senate Banking Committee hearing, the CEO’s of America’s largest banks appeared. Sen. Brown said what stuck out to him was that one CEO makes $32,000,000 per year, which is 900 times more than a starting employee earns.
He recalled the days when the head of a company only made wages 20 to 30 times higher than their employees. These large differences in wealth allow bank CEO’s to wield great power in Washington D.C.
While these CEO’s are better behaved than they were in recent decades, they still abuse their power and continue to further enrich themselves.
Passing an infrastructure bill
Democrats are standing firm in their comprehensive infrastructure plan while Republicans are attempting to subtract and substitute things.
Sen. Brown echoed past AWF guests in calling attention to the evolution of infrastructure. He said everything from rural broadband access to investments in childcare are considered infrastructure and need addressed.
As for paying for the plan, Democrats have proposed peeling back some of the tax cuts for the ultra wealthy, including some of the Tax Cuts and Jobs Act.