House Proceeding on Mar 19th, 2009 :: 0:44:40 to 0:47:10
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0:44:36 to 0:44:56( Edit History Discussion )

James P. McGovern: gentleman's time has expired. mr. lungren: we are better than that. we need to protection the constitution. the speaker pro tempore: the gentleman's time has expired. the gentlelady from maine. ms. pingree: mr. speaker, i yield 2 1/2 minutes to the gentleman from massachusetts, my colleague on the rules committee, mr. the speaker pro tempore: the gentleman is recognized for two minutes. mr. mcgovern: we are not tearing up the constitution here. we are responding to bad behavior. we are telling this -- we are

0:44:40 to 0:47:10( Edit History Discussion )
Speech By: James P. McGovern

0:44:57 to 0:45:17( Edit History Discussion )

James P. McGovern: telling corporate america that we are not going to bail them out. our financial institutions we are not going to bail them out and let them do what a.i.g. just did. the american people are outraged and rightly so at the news that insurance giant a.i.g. has given large bonuses to some of its employees. it is outrageous that a company that is being bailed out by the

0:45:18 to 0:45:39( Edit History Discussion )

James P. McGovern: american taxpayer is providi bonuses to the people who dealt in these exotic financial instruments. those employees made bad bets and now the american people are paying the tab. mr. speaker, not many of my constituents are getting so-called retention bonuses these days. i can tell you that. they are not sure if they are going job.

0:45:40 to 0:46:01( Edit History Discussion )

James P. McGovern: in fall river, the unemployment rate is 16%. the city is being forced to lay off police officers and firefighters. food banks are at their capacities. and theare being asked to pony up so-called retention bonuses for the peop who got us this mess? it is absolutely nuts. i know that the c.e.o. of a.i.g.

0:46:02 to 0:46:22( Edit History Discussion )

James P. McGovern: said yesterday that he has asked the people who have received these bonuses to give them back. and that's great. but i'm afraid we can't simply rely on their good heart the generosity. i understand and i support the need to ensure the stability of the american banking system. we need to get credit flowing again. we need to make sure that people have access to mortgages and car

0:46:23 to 0:46:43( Edit History Discussion )

James P. McGovern: loans and student loans. businesses have access to credit. but we also need to make sure at with taxpayer money. and that's what this bill is all about. anas president obama has in place the appropriate rules

0:46:44 to 0:47:05( Edit History Discussion )

James P. McGovern: an regulations going forward so that this kind of financial collapse never happens again. mr. speaker, we need to get this right. we inherited a lousy economy from the previous administration. and we are in a position now where we need to help support our financial institutions, but we need to make sure we do a way that doesn't allow this

0:47:06 to 0:47:10( Edit History Discussion )

James P. McGovern: kind of bad behavior to continue. i applaud speaker pelosi and the leadership for bringing this bill to the floor.