The top Democrat on the House of Representatives oversight committee announced an inquiry Monday into the pay of chief executive officers at for-profit colleges, saying it was part of a larger questioning by his panel of "excessive" compensation for corporate executives. Rep. Elijah Cummings of Maryland, of the House Committee on Oversight and Government Reform, said in a speech to a consumer group today (see video below) that he had sent letters to the CEOs of 13 for-profit education companies, asking for the compensation agreements to help "determine whether salaries, bonuses, and other compensation are appropriately tied to the performance of students they educate, the vast majority of whom pay for their education with federal tax dollars."
Officials of several of the companies targeted by Cummings issued statements defending the compensation they pay as appropriate; a statement by the Association of Private Sector Colleges and Universities declared the lawmaker's inquiry to be "more politics."
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