The Securities and Exchange Commission voted Wednesday to propose a rule that would claw back compensation for executives who were awarded performance-based compensation that was later found to be based on accounting misstatements.

The commission voted 3-2 for the proposed rule, which is one of several executive pay rules required by the 2010 Dodd-Frank financial reform law.

"These listing standards will require executive officers to return incentive-based compensation that was not earned," SEC Chairwoman Mary Jo White said. "The proposed rules would result in increased accountability and greater focus on the quality of financial reporting, which will benefit investors and the markets."

The rule, which applies to both current and former executives, would require companies listed on exchanges to develop rules for clawbacks in case executives receive payment that a later restatement of income indicates they shouldn't have received.

Michael Piwowar, a Republican-selected commissioner, voted against the rule, saying at the commission's meeting Wednesday that it could have the effect of boosting corporate executive pay. He said that "executives may lower the value that they attach to the incentive-based component of their pay and demand an offset to bear the increased uncertainty."

Companies will have 60 days to comment on the rule before it would go into effect. It is likely to receive opposition from industry and Republicans.

The SEC is trying to finish another of the Dodd-Frank executive pay rules, one requiring disclosure of the ratio of CEO compensation to a firm's median compensation. That hotly contested rule has been under consideration since 2013.