On May 30, 2011, Washington Legal Foundation (WLF) cautioned the Securities & Exchange commission (SEC) against overregulating executive compensation at large financial institutions. In its formal comments with the SEC, WLF argued that not only is there little evidence linking incentive-based executive compensation to systemic economic risk, but there is also reason to believe that interference in executive pay might lead to unintended consequences that could adversely affect the American economy. For this reason, WLF recommended that the SEC interject itself in only the most extreme cases.