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House Proceeding on Apr 1st, 2009 :: 3:10:30 to 3:16:30
Total video length: 3 hours 27 minutes Stream Tools: Stream Overview | Edit Time

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Jesse L. Jr.Jackson

3:10:11 to 3:10:31( Edit History Discussion )

Jesse L. Jr.Jackson: today. it still is riddled with all the flaws i've discussed. mr. speaker, the answer is therefore clear, we certainly should not p and i'll reserve t my time. the speaker pro tempore: the gentleman reserves. the gentleman from michigan. mr. conyers: mr. speaker, i'm pleased to recognize the

Jesse L. Jr.Jackson

3:10:30 to 3:16:30( Edit History Discussion )
Speech By: Jesse L. Jr.Jackson

Jesse L. Jr.Jackson

3:10:32 to 3:10:52( Edit History Discussion )

Jesse L. Jr.Jackson: gentlelady from houston, texas, who has served with a great effectiveness on the judiciary committee and i would yield her as much time as she may consume. the speaker pro tempore: the gentlelady from texas is recognized. ms. jackson lee: i request permission to revise and extend.

Jesse L. Jr.Jackson

3:10:53 to 3:11:15( Edit History Discussion )

Jesse L. Jr.Jackson: the speaker pro tempore: without objection. ms. jackson lee: i thank the distinguished gentleman from michigan and the chairman of the subcommittee, mr. cohen, for their leadership. i'm pleased to be an original co-sponsor of this legislation and frankly, i think it's importanthat we clear the air. and provide a treatise, an

Jesse L. Jr.Jackson

3:11:16 to 3:11:36( Edit History Discussion )

Jesse L. Jr.Jackson: instructive recalling of the reason why we're on the floor today. first of all, this is a moderate approach a temperate approach a constitutional approach to really paying the taxpayers back, giving the taxpayers a day in the sun. and using the constitution, the three branches of government,

Jesse L. Jr.Jackson

3:11:37 to 3:11:57( Edit History Discussion )

Jesse L. Jr.Jackson: the respect of three branches of government, to be able to protect the taxpayers. this does not throw out the work of secretary geithner or the administration. it's a complement to that. mr. spker, the committ undertook a careful, constitutional assessment of this bill, we were quite well aware that we did not want to violate the constitution, and

Jesse L. Jr.Jackson

3:11:58 to 3:12:18( Edit History Discussion )

Jesse L. Jr.Jackson: we secured the assistance and the insight of four prominent constitutional scholars to affirm its constitutional soundness. mr. speaker, i ask unanimous consent to insert into the record at this point the letters of those law professors, lawrence tribe of harvard law school, michael gerhart of the university of north carolina, douglas barrett

Jesse L. Jr.Jackson

3:12:19 to 3:12:39( Edit History Discussion )

Jesse L. Jr.Jackson: of the universi law school, and ann kinkley of the ucla law school. mr. speaker, i ask unanimous consent. the speaker pro tempore: without objection. ms. jackson lee: the reason we wanted to be extraordinarily thoughtful is because we knew the questions would be asked. let of what this legislation speaks to. at the same time, let me go on

Jesse L. Jr.Jackson

3:12:40 to 3:13:00( Edit History Discussion )

Jesse L. Jr.Jackson: record, congresswoman jackson lee from houston, texas, i am in support of the nation's financial markets. investment houses. they have been at our back for a number of years. they have invested your moneys, your 401-k's. capitalism has worked.

Jesse L. Jr.Jackson

3:13:01 to 3:13:21( Edit History Discussion )

Jesse L. Jr.Jackson: abuse does not work. we speak today abili abuse, not about crumbling the financial houses, the investment houses. weant them to strengthen young people -- strengthen -- young people every day are graduating from college saying, i want to be an investment banker. we're supportive of that. in my own district, i have

Jesse L. Jr.Jackson

3:13:22 to 3:13:43( Edit History Discussion )

Jesse L. Jr.Jackson: a.i.g. employees, aapplaud them. they come up to me on the street. i want them to know i appreciate their work in the insurance business, protecting and insuring everything from whisttols hay stacks to hollywood actors to the transportation modes you travel on. but we have got to be able to protect your tax dollars let me tell you why the bill works.

Jesse L. Jr.Jackson

3:13:44 to 3:14:04( Edit History Discussion )

Jesse L. Jr.Jackson: attorney general cuomo made it work he issued subpoenas. what do we get? some $50 billion back and more it shows that the longhand of the law can be effective. $160 billion giv executives, more than most americans will see ever in their lifetime, this is a simple response to it.

Jesse L. Jr.Jackson

3:14:05 to 3:14:26( Edit History Discussion )

Jesse L. Jr.Jackson: what it does is allows the attorney general to recover prior excessive payments to employees made by the company, it allows the government as a creditor to show the excessive payments were made, have no bearing on the work. it is permissive, it allows, it does not suggest, that in fact there is a coup d'etat, that the attorney general can do it without oversight.

Jesse L. Jr.Jackson

3:14:27 to 3:14:48( Edit History Discussion )

Jesse L. Jr.Jackson: they must go into court. that makes a difference. the judge must ultimately say, you know what, i agree with the petitioner, the attorney general, the government as creditor, or i disagree. second, it allows the attorney general to limit payments to company executives to 1 times the average nonpayment wages just as you would have been in the case the company was forced into bankruptcy. this is a fair assessment if a

Jesse L. Jr.Jackson

3:14:49 to 3:15:09( Edit History Discussion )

Jesse L. Jr.Jackson: company is taking federal dollars. $700 billion given to these companies on april -- in october, 2008. most of them bought off baby banks. they have not put that money out to help americans system of mr. speaker, i think what is key here is that this is reasonable. we have constitutional scholars

Jesse L. Jr.Jackson

3:15:10 to 3:15:30( Edit History Discussion )

Jesse L. Jr.Jackson: who have indicated you're within the constitutional framework. why would the judiciary committee want to eliminate those barriers? and then secondly and thirdly, we thankhe employees that are doing their job every day, trying to make this economy work, but what we say to the taxpayers is, if there is ever

Jesse L. Jr.Jackson

3:15:31 to 3:15:52( Edit History Discussion )

Jesse L. Jr.Jackson: a committee that has to play the enforcement role to enhance the constitution, to gather in those who have gone outside o the boundaries of reasonableness, who are abusive in shrning moneys o people who are part of the problem, it is the judiciary committee and the attorney general that complements the work of the secretary of the treasury and our very able leader in the white houswho is

Jesse L. Jr.Jackson

3:15:53 to 3:16:14( Edit History Discussion )

Jesse L. Jr.Jackson: constructively trying to put this capitalistic system back on its feet, then it has to be those of us and the responsibility for enforcement to ensure that we provide the coverage for taxpayers who cannot speak for themselves. i rise enthusiastically to support h.r. 1575 for the very reason that we would be

Jesse L. Jr.Jackson

3:16:15 to 3:16:30( Edit History Discussion )

Jesse L. Jr.Jackson: derelict if this committee, the holds of the conitution, did not come to the floor and provide this thoughtful legislation that provides you with the protection of evidence that you've already seen and the moneys already returned under the new york state attorney general, imagine the wielding of that action on

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