House Proceeding 04-01-09 on Apr 1st, 2009 :: 2:24:05 to 2:27:20
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2:24:01 to 2:24:21( Edit History Discussion )

Brad Sherman: in a way that doesn't destab that i'll yield back. the chair: the gentlelady from illinois yields back her time. mr. frank: yield my remaing time to the gentleman from california, mr. sherman. the chair: the gentleman from california is recognized for the balance of the time. mr. sherman: i thank the chairman. i think a lot of us would like

2:24:05 to 2:27:20( Edit History Discussion )
Speech By: Brad Sherman

2:24:22 to 2:24:43( Edit History Discussion )

Brad Sherman: companies to repay the tarp money as quickly as possible. i think that's true of those who voted ainst the bill and i think it's true of many of those who voted in favor of it. and i might support this amendment if it was one that encouraged companies to repay in a six-month schedule, a one-year

2:24:44 to 2:25:06( Edit History Discussion )

Brad Sherman: schedule. but this amendment allows for companies to escape all the provisions of the bill just by entering into a schedule of repayment that could be a 10-year schedule or a 15--year schedule -- schedule. and i -- 15-year schedule. and i don't think a company ould be able to escape the bill just by repaying us the

2:25:07 to 2:25:27( Edit History Discussion )

Brad Sherman: money over the next 10 or 15 after all, all the companies who got the tarp money are supposed to be repaying it. many of them in a shorter period than that. fairness would say that we should not treat a company that's repaying us over a

2:25:28 to 2:25:48( Edit History Discussion )

Brad Sherman: 15--year schedule -- 15-year schedule differently than a company who hasn't entered into a particular repayment schedule. i would hope we would defeat this amendment because the amendment as written would allow a large number of companies to escape the affect of the bill without doing much more than

2:25:49 to 2:26:09( Edit History Discussion )

Brad Sherman: making a few monthly payments of a very small as to the issue of retroactivity, there is much discussion over what happened in the senate. but here in the house we didn't vote for this version of the dodd amendment or that version of the dodd amendment. we just had the conference report. those of us who voted yes on the

2:26:10 to 2:26:31( Edit History Discussion )

Brad Sherman: conference report at least voted for a provision that prevent crazy bonuses in the feature. and there are many, in fact the entire republican side of the house, who voted against the stimulus bill. that means they voted against a provision that would prevent

2:26:32 to 2:26:53( Edit History Discussion )

Brad Sherman: huge, six-million -- $6 million a.i.g. bonuses in the future and their only excuse is, well, they would have hoped for an amendment that would have prevented the boses in the past. when a bill comes before us that would prevent $6 million bonuses from being paid to a.i.g. exutives in the future.

2:26:54 to 2:27:15( Edit History Discussion )

Brad Sherman: and you vote against the bill, it is a very small fig leaf to say that you are opposed to excessive bonuses. i yield back. the chair: all time having expired, the question is on the amendment offered by the gentlelady from illinois. those in favor say aye. those opposed, no. in the opinion of the chair, the noes have it.

2:27:16 to 2:27:20( Edit History Discussion )

Brad Sherman: the amendment is not agreed to. for what purpose does the gentlelady from illinois rise?