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House Proceeding on Apr 1st, 2009 :: 2:57:45 to 3:02:25
Total video length: 3 hours 27 minutes Stream Tools: Stream Overview | Edit Time

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Lamar S. Smith

2:57:44 to 2:58:04( Edit History Discussion )

Lamar S. Smith: 1575 should not be on the floor today. in the rush to respond to the bonuses paid to a.i.g. executives, some in theajority have once again let expediency override common sense. the judiciary committee has held no hearings, heard no expert witnesses, and provided no

Lamar S. Smith

2:57:45 to 3:02:25( Edit History Discussion )
Speech By: Lamar S. Smith

Lamar S. Smith

2:58:05 to 2:58:25( Edit History Discussion )

Lamar S. Smith: reasoned evaluation of this bill during the normal legislative process. instead the bill went directly to full committee markup within hours of its introduction. after markup, it was substantially rewritten behind closed doors. now it is it has been rewritten in the dark once again and has been sent prematurely to the floor.

Lamar S. Smith

2:58:26 to 2:58:47( Edit History Discussion )

Lamar S. Smith: in the last few weeks, congress has learned the hard way about the unintended consequences of rushing to legislate without adequate expert testimony or debate. the results this time could be more costly than any of us want. president obama, secretary geithner leading finance

Lamar S. Smith

2:58:48 to 2:59:10( Edit History Discussion )

Lamar S. Smith: institutions, and even "the washington post" have already sounded the alarm. congress' hayes to rewrite contracts -- haste to rewrite contracts claiming they were fraudulent conveyances as this bill attempts to do could scare banks and other institutions away from the government's financial rescue programs. keenly aware of this, president

Lamar S. Smith

2:59:11 to 2:59:31( Edit History Discussion )

Lamar S. Smith: obama has urged us to act intellectually not out of anger. but to pass this bill would be to do the opposite of what president obama has said thate wants. early last week, secretary geithner finally announced a toxic assets relief program relying heavily on private participation.

Lamar S. Smith

2:59:32 to 2:59:55( Edit History Discussion )

Lamar S. Smith: the markets responded by rallying strongly for the first time in months. why would we scare private institutions away now just when we need them the most? bonuses like a.i.g.'s may seem unwise and unfair, but the companies receiving them and courts reviewing them are they really fraudulent?

Lamar S. Smith

2:59:56 to 3:00:16( Edit History Discussion )

Lamar S. Smith: . are -- our efforts to void legal contracts make the prospect of working with the government look like a walk through the minefold. administration that urged congressional democrats to protect a.i.g.'s right to pay the bonuses through the

Lamar S. Smith

3:00:17 to 3:00:37( Edit History Discussion )

Lamar S. Smith: stimulus bill. democrats complied. hoe democrats passed the bill without reading it, without any house republicans supporting it. then president obama signed it. how could bonuses the president and coress ratified suddenly be fraudulent? if they were not fraudulent, how can this be anything other

Lamar S. Smith

3:00:38 to 3:00:59( Edit History Discussion )

Lamar S. Smith: than an unconstitutional taking of contractual rights? what is more, this bill is unnecessary. we have already passed tax legislation to recoup the a.i.g. bonuses. besides, a great majority of the key a.i.g. bonus recipients have returned their bonuses. in the end, new york attorney

Lamar S. Smith

3:01:00 to 3:01:21( Edit History Discussion )

Lamar S. Smith: general cuomo expects to force the return of all bonuses that went to domestic recipients. he apparently is not as confident about his abilities to reach those overseas. i'm confident if he needs additional authority to reach overseas payments, the new york legislature is comp don't pass legislation through regular

Lamar S. Smith

3:01:22 to 3:01:42( Edit History Discussion )

Lamar S. Smith: order to give him that authority. meanwhile we cannot say with confidence that this bill will permit to roup anything beyond what attorney general cuomo has already recovered or may be able to recover. this bill, accordingly, may be utterly useless. the a.i.g. bonuses may have been unwise, but what was

Lamar S. Smith

3:01:43 to 3:02:05( Edit History Discussion )

Lamar S. Smith: fraudulent about them when the congress and the president specifically ratified them? the tribution this bill threatens rests on anger, not sound policy. it will undoubtedly undermine the federal government's ability to recruit bank rescue parties pant, this bill will hinder a successful economic recovery, rather than

Lamar S. Smith

3:02:06 to 3:02:26( Edit History Discussion )

Lamar S. Smith: contribute to it. finally, the house just passed h.r. 1686. we don't need to take follow kwlup action and we don't need to take it in haste or overreact. we should not compromise on our duty to the american people by rushing out this hasty, ill-considered and unnecessary bill. i fully expect there will be

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