House Proceeding 03-19-09 on Mar 19th, 2009 :: 1:29:45 to 1:49:45
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1:28:30 to 1:29:45( Edit History Discussion )
Speech By: Lee Terry

1:29:33 to 1:29:47( Edit History Discussion )

Lee Terry: language put in. we do part of it, because he's come out publicly and said, i accept responsibility for putting this language in.

1:29:48 to 1:30:08( Edit History Discussion )

MaryJo Kilroy: now, we don't know who came to -- may i have an additional 30 seconds. seconds. the speaker pro tempore: the gentleman from nebraska is recognized for 15 seconds. mr. terry: we know that senator dodd put this language in, he said at the president's request, probably through geithner.

1:29:50 to 1:31:15( Edit History Discussion )
Speech By: MaryJo Kilroy

1:30:09 to 1:30:29( Edit History Discussion )

MaryJo Kilroy: i can't in good conscience vote for this saying what the president has done through secretary geithner is appropriate. i yield back. the speaker pro tempore: the gentleman's time is expyred. the gentleman from massachusetts. mr. frank: i yield to a member of the financial services committee a member from ohio, the gentlewoman from ohio, two minutes. the speaker pro tempore: the

1:30:30 to 1:30:52( Edit History Discussion )

MaryJo Kilroy: gentlewoman from ohio is recognized for two minutes. >> the great winston churchill showed the price of greatness is responsibility. a.i.g. has shown that for them the price of greatness is greed. today i rise in support of this resolution and to express the will of the american people to

1:30:53 to 1:31:13( Edit History Discussion )

MaryJo Kilroy: stop rewarding this behavior. let me be clear. we should focus on the behavior of a.i.g. and those traitors that were -- those traders who were nothing more than gamblers, gambling in credit default swaps, not in cards, but in the end they gambled away the financial security of our

1:31:14 to 1:31:15( Edit History Discussion )

MaryJo Kilroy: markets.

1:31:16 to 1:31:36( Edit History Discussion )

when they failed a put the financial system at risk, the risk was pushed onto the backs of the american people. instead of taking responsibility for the massive damage they caused, a.i.g. has continued this culture of greed. today, in this resolution, we can tell these traders that business a usual is other. we don't care about their excuses, about their contracts.

1:31:37 to 1:31:57( Edit History Discussion )

contracts are frankly renegotiated every day. we care about cleaning up this mess and changing the culture that caused this debacle. this resolution states our intent that without a voluntary decision by a.i.g. employees to give the bonus money back, we will act to make them do so. today, we hear that some

1:31:58 to 1:32:19( Edit History Discussion )

employees have been shamed into giving back this money. some is not good enough. all is the only option. thank you, mr. speaker, i yield back. the speaker pro tempore: the gentleman from new jersey. mr. garrett: i yield one minute to the gentleman from utah. the speaker pro tempore: the gentleman is recognized for one

1:32:20 to 1:32:41( Edit History Discussion )

Jason Chaffetz: minute. mr. they've etc.: i'm -- mr. chaffetz: i'm hopeful the gentlewoman will answer some ms. kilroy, would you mind to -- answering a bill about -- a question about the bill you're sponsoring. i'd like to enter into a

1:32:20 to 1:33:50( Edit History Discussion )
Speech By: Jason Chaffetz

1:32:42 to 1:33:04( Edit History Discussion )

Jason Chaffetz: colloquy with ms. kilroy. you're the sponsor of this bill, having enabled this language and voting in favor of the stimulus bill. the speaker pro tempore: the gentleman from utah should direct his remarks to the chair. mr. chaffetz: do we nino why she

1:33:05 to 1:33:26( Edit History Discussion )

Jason Chaffetz: walked away, i wanted to ask a question about the bill she's sponsoring. the speaker pro tempore: the gentleman from utah controls the time. mr. chaffetz: mr. speaker, i have a question about why she walked away from the microphone. the speaker pro tempore: does the gentleman have a parliamentary inquiry. mr. chaffetz: i was trying to ask why the gentlewoman would walk away from the microphone

1:33:27 to 1:33:48( Edit History Discussion )

Jason Chaffetz: when i wanted to ask a question. the speaker pro tempore: the gentleman from utah controlshe time, unless the gentleman from utah has a parliamentary inquiry. mr. chaffetz: the question i had is, had the gentlewoman actually read the stimulus bill before she voted on it. i wanted to ask the gentlewoman if it was her opinion the administration is doing everything it should to prevent the bonuses from going through.

1:33:49 to 1:33:50( Edit History Discussion )

Jason Chaffetz: i wanted to ask, did the bonuses

1:33:51 to 1:34:11( Edit History Discussion )

Michael N. Castle: happen under their watch? finally, i wanted to ask her, didn't the white house ask senator dodd -- thank you, mr. speaker. the speaker pro tempore: the gentleman from massachusetts. mr. frank: i reserve my time. the speaker pro tempore: the gentleman from new jersey. who seeks recognition? the gentleman from new jersey. mr. garrett: i recognize the

1:33:55 to 1:35:10( Edit History Discussion )
Speech By: Michael N. Castle

1:34:12 to 1:34:33( Edit History Discussion )

Michael N. Castle: gentleman from delaware for a minute and a half. the speaker pro tempore: the gentleman is recognized for 90 seconds. mr. castle: i understand the first vote is an instrumental vote, it does something. this resolution, i don't understand at all. it's a coverup vote for the administration saying they did everything right.

1:34:34 to 1:34:55( Edit History Discussion )

Michael N. Castle: i don't disagree there were problems in the previous administration, there are problems in this administration with all this. there's a lot of problems in congress and perhaps with a.i.g. to suggest that this administration has done everything correctly is not accurate. it was mr. geithner, after all, when he was head of the new york federal reserve and made the first payment to a.i.g. which they received most of the stock

1:34:56 to 1:35:10( Edit History Discussion )

Michael N. Castle: of a.i.g., who was involved from that point on. it was his people who were involved from that point on. there were discussions recently in the stimulus package who actually took out the language with respect to allowing these bonuses to take place. there was language apparently

1:35:11 to 1:35:31( Edit History Discussion )

put in the senate that would have prohibited that and again the involved in that. then there were discussions as to when everybody knew about this. mr. geithner apparently indicated he was informed late last week and th president and yet we heard from mr. liddy at a.i.g. that the federal reserve was involved with this from the beginning and

1:35:32 to 1:35:52( Edit History Discussion )

knew about it from the beginning and he asumed, probably shared that information with treasury. either way, you're talking about the administration. individuals either did know or should have known. to absolve the administration of fault is just wrong. whether we vote yes or no on the previous bill, i feel evybody should vote no on this legislation.

1:35:53 to 1:36:13( Edit History Discussion )

i'm not sure why we're considering it today. it's not proper, not accurate, it should have a no vote. the speaker pro tempore: the gentleman's time has expired. the gentleman from massachusetts. mr. frank: i contie to reserve. the speaker pro tempore: the gentleman from new rsey. mr. garrett: i thank the gentleman for his comments pointing out that members of the administration, specifically

1:36:14 to 1:36:35( Edit History Discussion )

Steve Scalise: secretary geithner, was considered the architect of the a.i.g. bailout. i yield one minute to the gentleman from louisiana. the speaker pro tempore: the minute. >> thank you, mr. speaker. the american people are angered, not just by what's going on at

1:36:30 to 1:37:20( Edit History Discussion )
Speech By: Steve Scalise

1:36:36 to 1:36:57( Edit History Discussion )

Steve Scalise: a.i.g. but also at what's going on in washington, d.c. at this capitol by people who helped create this mess. for those of us who voted against the bailouts and the angered not just at the bonus, but also the fact that this language was inserted into the stimulus bill. senator chris dodd, the chairman of the senate banking committee

1:36:58 to 1:37:18( Edit History Discussion )

Steve Scalise: himself, said this language protecting a.i.g. bonuses was put in the bill because of a request from the white house. we deserve to know who at the white house knew about at the white house asked for this language to be put in protecting a.i.g. bonuses. now that peopl angered across the country, they're trying to cover

1:37:19 to 1:37:20( Edit History Discussion )

Steve Scalise: themselves with this language in this resolution which is part of

1:37:21 to 1:37:41( Edit History Discussion )

Jesse L. Jr.Jackson: this coverup. if secretary geithner knew this language would be inserted and he helpedirect it in there, he needs to resign. but the president needs to answer these questions to the american people who are rightfully angered about what's happening. the speaker pro tempor the the gentlema from massachusetts continues to reserve. mr. frank: i yield one minute to the gentlewoman from texas, ms.

1:37:25 to 1:38:30( Edit History Discussion )
Speech By: Jesse L. Jr.Jackson

1:37:42 to 1:38:02( Edit History Discussion )

Jesse L. Jr.Jackson: jackson lee. the speaker pro tempore: the gentlewoman from texas is recognized for one minute. ms. jackson lee: it's interesting to listen to my colleagues not try to be problem solvers. the work of this body is to in fact solve problems, fix the capital markets, ensure we restore the confidence and the

1:38:03 to 1:38:23( Edit History Discussion )

Jesse L. Jr.Jackson: capitalistic system, and yes, to overcome mishaps and issues that raise concern by all of us. today, we create the opportunity and the vehicle to solve these problems. the taxation on retention bonuses speaks loudly on behalf of the american pele. the expression of opposition to

1:38:24 to 1:38:31( Edit History Discussion )

Jesse L. Jr.Jackson: actions that occurred speaks loudly on behalf of the american people. this body has many committees that will engage in oversight.

1:38:32 to 1:38:53( Edit History Discussion )

why my colleagues don't think the work will be done, and it will continue on how these issues came about, but maybe they should look at the past and understand the reason we're here is the $1.1 trillion debt eated by the past administration. we're fixing the problems. let's join those of us who want to work it out on behalf of the american people.

1:38:54 to 1:39:14( Edit History Discussion )

Ron Paul: i yield back. the speaker pro tempore: the gentlewoman's time is expired. the gentleman from new jersey. mr. garrett: parliamentary inquiry, please. the speaker pro tempore: the gentleman will state his inquiry. rules of the house the sponsor of the bill has to be on the floor during the debate. the speaker pro tempore: it's not required urn the rules of

1:39:10 to 1:40:20( Edit History Discussion )
Speech By: Ron Paul

1:39:15 to 1:39:36( Edit History Discussion )

Ron Paul: the house. mr. garrett: thank you. i yield to the gentleman from texas 1 1/2 minutes. the speaker pro tempore: the gentleman from texas is recognized for one and a half minute mr. paul: i ask unanimous consent to revise and extend. the speaker pro tempore: without objection, so ordered. mr. paul: i thank the gentleman for yielding. today there's a lot of expression of outrage and indeed there should be.

1:39:37 to 1:40:00( Edit History Discussion )

Ron Paul: i don't believe that this resolution really addresses the real problem that we have. it looks like it's givinthe administration an excuse by saying that he's only doing what we've asked him to do. and the administration. and in many ways this is true. and the real fault i think falls within the congress. they were given this money. and allowing this to happen.

1:40:01 to 1:40:21( Edit History Discussion )

Ron Paul: but to excuse the administration and then complain about these bonuses and think that that can solve our problems, it jus won't do that. the real outrage i think is the lackf monitoring of what we do. we give out money, we have no strings attached, we give out hundreds of billions and dollars and we totally ign what the federal reserve does

1:40:22 to 1:40:43( Edit History Discussion )

by it issuing literally trillionof dollars and yet this is the emergency legislation. this is politically driven, i happen to believe, and i think people would like to express their outrage and they do. and it's an easy target. picking on a.i.g. but we create these problems. we create them by doing things that are unconstitutional.

1:40:44 to 1:41:05( Edit History Discussion )

we come up with these schemes and these expressions and excuses. at the samtime we don't address the subject of why do we spend money and why do we allow a monetary system to operate without any supervision by the congress. someday we'll address that and deal with this rather than

1:41:06 to 1:41:26( Edit History Discussion )

doing it in a political way of saying well, it's not our fault, it's their fault. the speaker pro tempore: the gentleman's time has expired. the gentleman from massachusetts continues to reserve the balance of his time. the gentleman from new jersey. mr. garrett: i thank the gentleman from texas for pointing out that these problems were in fact created through legislation and that legislation came under the

1:41:27 to 1:41:47( Edit History Discussion )

Lynn Jenkins: leadership of the democrat house. at this point in time i yield 1 1/2 minutes to the gentlelady from kansas. thspeaker pro tempore: the gentlewoman from kansas is recognized for 1 1/2 minutes. >> thank you, mr. speaker. i rise today to express the frustration my constituents and i have at the abuse of taxpayer dollars. the american taxpayer over the past year has been forced to

1:41:35 to 1:42:05( Edit History Discussion )
Speech By: Lynn Jenkins

1:41:48 to 1:42:06( Edit History Discussion )

Lynn Jenkins: foot the bill with hundreds of billions tbail out bad decisions made by institutions that were deemed too big to fail, including a.i.g. after receiving almost $200 billion in taxpayer bailout dollars, we now know a.i.g. used some $165 million to bonuses to many of the same executives who got them into

1:42:07 to 1:42:28( Edit History Discussion )

Barney Frank: this mess in the first place. these bonuses are outrageous, but even more outrageous is this whole situation could have been avoided. during the meetings during the so-called stimulus bill, language was slipped in for the a.i.g. bonus to be paid.

1:42:10 to 1:43:30( Edit History Discussion )
Speech By: Barney Frank

1:42:29 to 1:42:49( Edit History Discussion )

Barney Frank: the bonuses must be recaptured. as the unwilling investors, the american taxpayers deserve to know how and when they will be repaid and give assurance that their dollars will not be squandered any further. the legislation voted on today will not recapture 100% of taxpayers' money, and it sets a dangerous precedent for punishing individuals by taxing past behavior deemed

1:42:50 to 1:43:10( Edit History Discussion )

Barney Frank: inappropriate. it is disappointing how this body continues to let the american people down. i yield back the remainder of my time. the speaker pro tempore: the gentleman from massachusetts. mr. frank: mr. speaker, i yield myself 30 seconds to correct the gentleman from new jersey. the speaker pro tempore: the gentleman from massachusetts is recognized for 30 seconds. mr. frank: i pay close to mr.

1:43:11 to 1:43:31( Edit History Discussion )

Barney Frank: colleagues. he talked about legislation but he was talking about in part the legislation that gives the fedel reserve the ability to do this. the gentleman from new jersey is incorrect. this was not created by the tarp legislation, which the of president bush. it was under legislation passed in 1932 which gave the federal reserve the authority.

1:43:32 to 1:43:56( Edit History Discussion )

mr. bernanke was acting under that authority. so it is true that the actual loan to -- was made under the administration of george but he was acting under authority by another great republican president, herbert hoover. the speaker pro tempore: the gentleman from new jersey. mr. garrett: i yield one minute

1:43:57 to 1:44:18( Edit History Discussion )

Steven C. LaTourette: to our leader -- i yield 1 minutes to the gentleman from ohio. the speaker pro tempore: the gentlewoman from ohio -- the gentleman from ohio is recognized for 1 1/2 minutes. mr. latouret: we're not ready to go there quite yet, mr. speaker. i have not seen this smashing

1:44:00 to 1:45:05( Edit History Discussion )
Speech By: Steven C. LaTourette

1:44:19 to 1:44:39( Edit History Discussion )

Steven C. LaTourette: of chests since homer penn. we're being asked to vote on a resolution that says that the president's doing everything in his power to properly execute a program. now, i wish i could vote yes because i happen to think that the president of the united states, mr. obama, is doing the best job that he can but i can't answer that question. and i can't answer that

1:44:40 to 1:45:01( Edit History Discussion )

Steven C. LaTourette: question, and i'll yield to the financial services committee if he'll answer the question, this is a paragraph -- hold on. let me get the citation. title 7, section 111, subparagraph 3, i's and when it left the senate it had the language that said

1:45:02 to 1:45:07( Edit History Discussion )

Steven C. LaTourette: no executive compensation and it t when the bill comes out of the

1:45:08 to 1:45:28( Edit History Discussion )

this paragraph in it that makes possible the bonuses that people are so shocked about today. now, i wasn't in the conference committee. i've been transferred to the appropriations committee. and so i distinguished chairman of the financial services committee if he would tell me -- i assume he was a conferee -- how did this get in the bill? i'll yield to anybody on the

1:45:29 to 1:45:50( Edit History Discussion )

democratic side. how did this paragraph get in the bill? this paragraph said that the government could not stop the $170 billion worth of bonuses, and today we're taxing these bonuses at 90% and we're kealing these people traitors. come on. how did this stuff get in the bill? and if you can't answer the

1:45:51 to 1:46:11( Edit History Discussion )

question we can't vote on your resolution. i yield back. the speaker pro tempore: the gentleman's time has expired. the chair will remine all persons in the gallery that they are here at guests of the house and any manifestation of approval or disapproval or any audible conversation is in violation of the rules of the house. the gentleman from

1:46:12 to 1:46:33( Edit History Discussion )

massachusetts. mr. frank: reserve. the speaker pro tempore: the gentleman from massachusetts reserves the balance of his time. the gentleman from new jersey. mr. garrett: and before i yield to our leader, i will yield such time to the chairman if he wishes to answer the question that the gentleman from iowa asked was how did this language get into this legislation

1:46:34 to 1:46:54( Edit History Discussion )

John A. Boehner: mr. frank: i will confess, mr. speaker, i was not paying as close attention to the gentleman from -- mr. garrett: i take back my time. apparently the gentleman doesn't know the same rules he was asking for. the speaker pro tempore: the gentleman from new jersey controls the time. the chair would ask members to be more orderly in yielding and reclaiming time, specifically

1:46:50 to 1:47:55( Edit History Discussion )
Speech By: John A. Boehner

1:46:55 to 1:47:15( Edit History Discussion )

John A. Boehner: members should not interrupt after the member under recognition has expressed an intent not to yield. the gentleman from new jersey. mr. garrett: thank you. leader. the speaker pro tempore: the gentleman from ohio is recognized for one minute. mr. boehner: let me thank my colleague from new jersey for yielding. and i can see that the

1:47:16 to 1:47:36( Edit History Discussion )

John A. Boehner: political circus continues here with the second piece of legislation today. i just want all the members to know what the first paragraph ofhe resolve clause is in this resolution. it says, resolved, by the house of representatives the senate concurring that it is the sense of congress that the president is appropriately exercising all

1:47:37 to 1:47:55( Edit History Discussion )

John A. Boehner: of the authorities granted by congress under the emergency economic stabilization act of 2008 and any other federal law. are you kidding me? the secretary of the treasury has the ability to do this. before he gave them the last

1:47:56 to 1:48:16( Edit History Discussion )

$30 billion, you know, that was the day after they reported the $164 billion loss, the secretary of the treasury decid billion and before he gave them the $30 billion he could have made clear that no bonuses were going to be paid. so i don't know how we can put this resolve clause in this phony resolution here so all

1:48:17 to 1:48:38( Edit History Discussion )

members can cover their rear ends, that they've come to the floor and have voted to stop all of this money -- these bonuses going to these a.i.g. executives. this is a joke and we ought to treat it as such. vote no. the speaker pro tempore: the gentleman from massachusetts

1:48:39 to 1:49:00( Edit History Discussion )

Judy Biggert: continues to reserve? mr. frank: well, i'll yield the speaker pro tempore: the gentleman from massachusetts is recognized for 15 seconds. mr. frank: i said i hadn't -- if he'd rephrase it i'll try to the speaker pro tempore: the gentleman from new jersey. mr. garrett: i yield 1 1/2 minutes to the gentlelady from illinois. the speaker pro tempore: the

1:49:00 to 1:50:00( Edit History Discussion )
Speech By: Judy Biggert

1:49:01 to 1:49:23( Edit History Discussion )

Judy Biggert: gentlewoman from illinois is recognized f 1/2 minutes. mrs. biggert: i thank the gentleman for yielding. mr. speaker, i rise in opposition for this resolution for i think it's a sham and an attempt to rewrite history. while many of my colleagues voted against the first tarpth tarp bailout, i thought -- tarp bailout because i thought there wasn't enough protections and i was right.

1:49:24 to 1:49:44( Edit History Discussion )

Judy Biggert: now we find out that the other side of the aisle made it even worse writing in the secrecy in the dead of night a provision that actually took away a provision that would protect the taxpayers from niece obscene bonuses. while -- from these obscene bonuses. well, they got caught and they have no one to blame but

1:49:45 to 1:50:02( Edit History Discussion )

Judy Biggert: themselves. in saying this is my way or the highway, this is what they get. but my taxpayers should not have to pay for theimistakes or tir arrogance. maybe i'llall their bluff and vote for their legislati which is too little too late because i want our taxpayers' money back.