Video archive of the US Congress

House Proceeding on Apr 1st, 2009 :: 3:07:45 to 3:10:10
Total video length: 3 hours 27 minutes Stream Tools: Stream Overview | Edit Time

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Lamar S. Smith

3:07:41 to 3:08:01( Edit History Discussion )

Lamar S. Smith: dollars and their stockholders' dollars and put the whole situation back in balance. with that, yield the balance of my time. gentleman from texas. mr. smith: i yield myself such time as i may consume. the speaker pro tempore: the gentleman is recognized. mr. smith: i'd like to address in more detail the defects in this bill.

Lamar S. Smith

3:07:45 to 3:10:10( Edit History Discussion )
Speech By: Lamar S. Smith

Lamar S. Smith

3:08:02 to 3:08:22( Edit History Discussion )

Lamar S. Smith: many of us believe the a.i.g. bonuses were unwise. what was fraudulent about them? urged on by the white house and department of the treasury, a provision to protect a.i.g.'s right to pay the bonuses was sneaked into the bill signed by president obecause massachusetts how can bonuses that congress and the president

Lamar S. Smith

3:08:23 to 3:08:44( Edit History Discussion )

Lamar S. Smith: specifically ratified be fraudulent? if they were not fraudulent, how can this bill do anything but threaten an unconstitutional taking of contractual rights? bonus retribution rests on anger, not sound policy. it will undermine the federal government's ability to recruit bank rescue participants.

Lamar S. Smith

3:08:45 to 3:09:05( Edit History Discussion )

Lamar S. Smith: president obama, secretary geithner, and others have all recognized the obvious. the more we rewrite the contracts of companies participating in theescue programs, the more the companies will run the other way from our program. secretary geithner has finally announced a prograthat was supposed to help the meltdown at the very outset, the toxic assets relief plan.

Lamar S. Smith

3:09:06 to 3:09:26( Edit History Discussion )

Lamar S. Smith: the market responded strongly and positively to that announcement just last week. so how can we take this action that will only scare participants in that program away, precisely when we need them to succeed? h.r. 1575 will put executive compensation decisions into a multitude of district judges'

Lamar S. Smith

3:09:27 to 3:09:48( Edit History Discussion )

Lamar S. Smith: different hands. the bill cannot fairly or reliably restrain these 1,000-plus judges as they assess in districts across the country what they think is, quote, reasonably equivalent value for services. the bill is thus a prescription for arbitrary results. what's more which the judges find that

Lamar S. Smith

3:09:49 to 3:10:10( Edit History Discussion )

Lamar S. Smith: reasonable compensation was not exceeded, we will recover not one dime of these bonuses. so what's the point? mr. speaker, this bill is the product of hurried decision making, the trampling of regular order and insufficient vetting. in fact, this bill was rewritten twice behind closed doors before we arrived here

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