Abstract: On July 1, 2015, the Securities and Exchange Commission (SEC) proposed an excess-pay clawback rule to implement the provisions of Section 954 of the Dodd-Frank Act. I explain why the SECâs proposed Dodd-Frank clawback, while reducing executivesâ incentives to misreport, is overbroad. The economy and investors would be better served by a more narrowly targeted âsmartâ excess-pay clawback that focuses on fewer issuers, executives, and compensation arrangements.