House Proceeding 03-18-09 on Mar 18th, 2009 :: 3:01:15 to 3:07:30
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3:01:13 to 3:01:34( Edit History Discussion )

Sheila Jackson-Lee: and i bet that i should at this point i yield her three minut for whatever comments she would like to make to the house. ms. jackson lee: i thank the distinguished the gentleman from california and i thank him for yielding. i have listened to the gentleman. weave participated in a number

3:01:15 to 3:07:30( Edit History Discussion )
Speech By: Sheila Jackson-Lee

3:01:35 to 3:01:55( Edit History Discussion )

Sheila Jackson-Lee: of caucuses where we have collectively expressed the importance of re-instituting regulation, but more importantly letting the people speak. our challenge is to the actions of a.i.g. are not new. i'm reminded of the work that

3:01:56 to 3:02:17( Edit History Discussion )

Sheila Jackson-Lee: was done in the last administration in 2008, there was a whole litany of prohibitions and restrictions, particularly to regulate how that money would be given. no bonuses was one of those that was highlighted. in addition to restrain the random use of money, reporting

3:02:18 to 3:02:40( Edit History Discussion )

Sheila Jackson-Lee: and transparency, the idea of set-asides for those involved in mortgage foreclosures or modification, these are the issues we fought for. and in a lesson that has been bitter, we have seen a.i.g. literally implode the, if you will, sympathy of the american people, the taxpayer.

3:02:41 to 3:03:04( Edit History Discussion )

Sheila Jackson-Lee: so i believe that the tax bill that will be on the floor tomorrow, i happen to support the efforts that are being made by the judiciary committee to provide for enforcement against those who would issue such, in essence, ret to likewise require penalties and reimbursement.

3:03:05 to 3:03:25( Edit History Discussion )

Sheila Jackson-Lee: but let me just indicate why we need to be strong in our regulation on these issues. we take note of the fact that the c.e. a.i.g. just came just a few months ago. we thank him for committing to serving after a.i.g. had reached the brink of collapse. but i think the concern that i

3:03:26 to 3:03:48( Edit History Discussion )

Sheila Jackson-Lee: wish to speak to is the need for congressional oversight that was occurring in the financial services committee today, was occurring in the judiciary committee today. we should not be ashamed or shy of holding the reins on entities that seem to be confused in congressional oversight.

3:03:49 to 3:04:10( Edit History Discussion )

Sheila Jackson-Lee: the issue that was most thought provoking were two, one, these retention bonuses were issued on a saturday night. sounds like the saturday night massacre. i thought much of our business is done 9:00 to 5:00 on a monday through friday.

3:04:11 to 3:04:32( Edit History Discussion )

Sheila Jackson-Lee: the other part is apparent lack of transparency. some government officials were made aware of this, in particular the federal reserve, but committees that have oversight jurisdiction just seem to be lost along the way. how many times do we have to repeat the fact that these members do not represent themselves. this house, in fact, is the people's house.

3:04:33 to 3:04:53( Edit History Discussion )

Sheila Jackson-Lee: the upper body of course represents the combination of congress. so i think it is important as we look to the legislative focus, we also need to change minds and mindsets that now we are a major stockholder, we believe in restoring the markets, but we also think it is important that

3:04:54 to 3:05:14( Edit History Discussion )

Sheila Jackson-Lee: this be a link of i'm wearing a lawyer's hat, if there was a legal premise upon which one thought they had to give these bonus believe our legal system is strong enough and the financial system to have indicated that we are not giving these bonuses at this time and say, let us take it to court.

3:05:15 to 3:05:36( Edit History Discussion )

Sheila Jackson-Lee: in that instance, we would have an independent arbiter to address whether these bonuses were adequate. i look forward to the legislation making its way through the house dealing with taxation. i would hope this is recognized that this is not a punitive measure for peoples' parred work.

3:05:37 to 3:05:59( Edit History Discussion )

Sheila Jackson-Lee: we understand people who work in the financial markets, the late hours. but we are partners now and we have to do hard work on behalf of the american public. we have to cherish their tax dollars as we look forward to reform the health care system, make the markets again. we have to restore the confidence that people believe it's ok to invest in these large

3:06:00 to 3:06:21( Edit History Discussion )

Sheila Jackson-Lee: enties to make the market work. so i would ask my colleagues as we begin to debate this, let us not mischaracterize any of our work. we have been fighting against this kind of debacle if you will and members have been working on both sides of the aisle, but it's honest to say all of this started way back in the last administration.

3:06:22 to 3:06:44( Edit History Discussion )

Sheila Jackson-Lee: and the language of the tarp bi with many restraints and there were arguments against it and across party lines. let us now take the pledge, if you will, take the leap, if you will, in the cold waters to be able to accept the responsibilities.

3:06:45 to 3:07:05( Edit History Discussion )

Sheila Jackson-Lee: the judiciary committee, i on the aspect of enforcement and the regulatory aspect, mr. sherman is one we need to ramp up. and i'll close by saying, we are here tonight, it's about quarter to 8:00 eastern standard time, but after a full day of work, i just hope we can find a better

3:07:06 to 3:07:27( Edit History Discussion )

Sheila Jackson-Lee: day than late saturday night, early subpoenaed morning, or midnight saturday night and sunday morning to make important decisions that are made by the private sector. give the opportunity to the american people to see transparency and let us fix these markets and i'm prepared to fight the battle so the american taxpayers can have

3:07:28 to 3:07:31( Edit History Discussion )

Sheila Jackson-Lee: restoration of their confidences this what we're doing and what