The U.S. Chamber of Commerce has argued that the rule would force companies to spend an average of 1,825 hours, at a cost of $311,800, to produce the ratio.

In an op-ed on Tuesday, AFL-CIO president Richard Trumka dismissed these claims as “nonsense.” Further, he noted that the law only calls for transparency, not reform.

“It does nothing to bring that ratio back into balance. It doesn’t raise pay for workers, reduce compensation for CEOs or force companies to change their compensation practices one iota,” Trumka wrote. “As we said at the time, Dodd-Frank was a compromise. The only barrier here is Wall Street’s fear of embarrassment.”

Five years later, advocates of the rule say that it was the groundswell of support that finally forced the SEC to deliver on its promise.

In her opening remarks, SEC Chair Mary Jo White referenced the more than 287,400 comment letters submitted about the rule, an overwhelming majority of which were supportive. Ahead of the vote last week, Rep. Keith Ellison (D-Minn.) delivered a letter signed by 47 House members expressing disappointment over the delay and calling on the SEC to finalize the rule.

Following the vote, Ellison wrote online: “We need to see inequality to be able to fight it.”

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