Video archive of the US Congress

House Proceeding on Apr 1st, 2009 :: 3:16:35 to 3:19:25
Total video length: 3 hours 27 minutes Stream Tools: Stream Overview | Edit Time

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Lamar S. Smith

3:16:31 to 3:16:52( Edit History Discussion )

Lamar S. Smith: behalf of all of the people of the united states, support h.r. 1575, i yield back my time. the speaker pro tempore: the gentlelady yields back. the gentleman from texas. mr. smith: i'm the remaining speaker on this side. i'll resve the balance of my time. the speaker pro tempore: the gentleman reserves. the gentleman from michigan. mr. conyers: i have no further

Lamar S. Smith

3:16:35 to 3:19:25( Edit History Discussion )
Speech By: Lamar S. Smith

Lamar S. Smith

3:16:53 to 3:17:13( Edit History Discussion )

Lamar S. Smith: speakers. the speaker pro tempore: the gentleman continues to reserve. the gentleman from texas. the gentleman fr texas. the gentleman from michigan has reserved. mr. smith: may i ask of the other side if they have any additional speakers besides the closing speaker?

Lamar S. Smith

3:17:14 to 3:17:34( Edit History Discussion )

Lamar S. Smith: the speaker pro tempore: he's the last speaker. mr. smith: mr. speaker, i yield myself such time as i may consume. the speaker gentleman is rognized. mr. smith: mr. speaker, i'd like to close by reiterating that this bill is misguided and should be opposed for many reasons. the a.i.g. bonuses were unwise, but what was fraudulent about them?

Lamar S. Smith

3:17:35 to 3:17:56( Edit History Discussion )

Lamar S. Smith: how can bonuses the congress and the president ratified through the stimulus bill be fraudulent? bonus retribution rests on anger, not sound policy. it will undermine the federal government's ability to recruit bank rescue participants. president obama has urged us not to act out of anger, and secretary geithner has finally

Lamar S. Smith

3:17:57 to 3:18:19( Edit History Discussion )

Lamar S. Smith: just announced a toxic assets relief program relying heavily on private participation. the markets responded to secretary geithner by rallying strongly. why would we scare the private institutions away now? state fraudulent conveyance law is already working. new york attorney general andrew cuomo has used new york

Lamar S. Smith

3:18:20 to 3:18:40( Edit History Discussion )

Lamar S. Smith: state law tools to force 15 of the top a.i.g. bonus recipients to return their bonuses. he's recouped at least $50 million. he exexpects to recoup all bonuses paid to recipients a they may recoup bonuses that went overseas. h.r. 1575 puts executive

Lamar S. Smith

3:18:41 to 3:19:01( Edit History Discussion )

Lamar S. Smith: compensation decisions into a multitude of district judges' different hands. h.r. 1575 cannot constrain executive compensation. it just leaves it to over 1,000 judges to determine whether compensation exceeds a reasonably equivalent value for services.

Lamar S. Smith

3:19:02 to 3:19:23( Edit History Discussion )

Lamar S. Smith: the house just passed h.r. 1586. we don't need to take follow-up action. just two weeks ago the house passed h.r. 1586 to go after the a.i.g. bonuses under the tax code. h.r. 1575 is redundant and poses some of the same risks, so why does that make sense? h.r. 1575 is not only unwise, it is unnecessary.

Lamar S. Smith

3:19:24 to 3:19:26( Edit History Discussion )

Lamar S. Smith: it is not only unnecessary, it

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