House Proceeding 04-01-09 on Apr 1st, 2009 :: 2:33:10 to 2:36:40
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2:33:02 to 2:33:22( Edit History Discussion )

Peter A. DeFazio: amendment number 6 printed in house report 111-71. for what purpose does the gentleman from oregon rise? mr. defazio: i have an amendment at the desk. the chair: the clerk will designate the amendment. the clerk: amendment number 6 printed in house report 111-71 offered by mr. defazio of oregon. the chair: pursuant to house resolution 306, the gentleman

2:33:10 to 2:36:40( Edit History Discussion )
Speech By: Peter A. DeFazio

2:33:23 to 2:33:44( Edit History Discussion )

Peter A. DeFazio: from oregon, mr. defaff -- defazio, and a member opposed each will control five minutes. the chair recognizes the gentleman from oregon. mr. defazio: i rise in support of the bill and i'm very favorable to the say on pay provision. i'm going to propose that we actually add to that provision. but first i've been a bit

2:33:45 to 2:34:05( Edit History Discussion )

Peter A. DeFazio: bemused by the debate today and listening from my office to hear from the republican side that they're saying, well, it's the democrats' fault that there aren't more meaningful restrictions but we're against these meaningful restrictions. so, i'm going to give them a chance here to maybe be a little more consistent because i'm going to it offer a free market

2:34:06 to 2:34:27( Edit History Discussion )

Peter A. DeFazio: approach to enhancing protections for stockholderers and taxpayers against excessive corporate executive remunicipal ration and it's a free market approach and it's also a democratic approach because it would allow the owners of the company, the stockholders, to

2:34:28 to 2:34:48( Edit History Discussion )

Peter A. DeFazio: cast not just an advisory vote but a binding vote on corporate compensation. . i know we'll hear concerns about this and the other side of the

2:34:49 to 2:35:11( Edit History Discussion )

Peter A. DeFazio: i'll -- aisle. but the issue here is very real, the growth in corporate compensation has been extraordinary. we have gone from a 40-1 ray show to the average worker 25 years ago to nearly 400-1 in many cases and americans are justifiably outraged and

2:35:12 to 2:35:32( Edit History Discussion )

Peter A. DeFazio: outraged when it's s their taxpayer money which is going to support these lavish lifestyles. we have examples of corporations that have recently gone to binding votes. mba has gone there and you can expect that their stockholders are going to be cranky about

2:35:33 to 2:35:53( Edit History Discussion )

Peter A. DeFazio: corporate compensation. and the netherlands has adopted this. and the way it works it's on prospect. if it's on the next year's salary package, has to be approved by the stockholders in a vote.

2:35:54 to 2:36:15( Edit History Discussion )

Peter A. DeFazio: now, the bill does refer the provision this to the s.e.c. and i would leave it in tact and i would leave it to the s.e.c. maybe there is an egregious package in effect and wouldn get -- i can understand that some people would say that this

2:36:16 to 2:36:38( Edit History Discussion )

Peter A. DeFazio: the s.e.c. to get there. chairman. mr. frank: he has raised an important issue. my attitude of this amendment is almost yes, but not question yes. there is a little bit too much to give to the s.e.c. i will give him my word he is a

2:36:39 to 2:36:41( Edit History Discussion )

Peter A. DeFazio: member and voted in 2007 on the bill.