Timeline

Executive Compensation Events

Bonus Plans

1902

Both Bethlehem Steel and United States Steel first paid cash bonuses to executives.

Pujo Committee Hearings

1913

Congressional hearings on the “Money Trust” documented many of the illicit activities of Wall Street. Reform legislation followed.

Sixteenth Amendment. Federal Reserve, Federal Trade Commission, Clayton Act

1913–14

Substantial federal reform legislation followed the Pujo Hearings, including new anti-trust and related legislation, the creation of the Federal Reserve System and Federal Trade Commission, and a permanent federal income tax. A major rationale for a progressive income tax was the incredible income inequality, typically associated with the ...

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