Video archive of the US Congress

House Proceeding 04-01-09 on Apr 1st, 2009 :: 2:27:55 to 2:30:30
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Gus Bilirakis

2:27:42 to 2:28:02( Edit History Discussion )

Gus Bilirakis: house report 111-71. for what purpose does the gentleman from florida rise? mr. bilirakis: mr. speaker, i the chair: the clerk will designate the amendment. the clerk: amendment number 5 prin offered by mr. bill rack us of florida -- bilirakis of florida. the chair: the gentleman from florida, mr. bilirakis, and a member opposed each will control

Gus Bilirakis

2:27:55 to 2:30:30( Edit History Discussion )
Speech By: Gus Bilirakis

Gus Bilirakis

2:28:03 to 2:28:25( Edit History Discussion )

Gus Bilirakis: five minutes. the chair recognizes the gentleman from florida. mr. bilirakis: mr. chairman, i yield myself as much time -- mr. speaker, i yield myself as much time as i may consume. the chair: the gentleman is recognized. mr. bilirakis: mr. speaker, this congress has an obligation to protect taxpayers. the $590 billion that was handed to wall street firms does not belong to wall street.

Gus Bilirakis

2:28:26 to 2:28:46( Edit History Discussion )

Gus Bilirakis: that money is the property of the american people. the fact that i voted against the tarp legislation is no excuse for me to wash my hands of the matter. i have a duty to my constituents and to the american taxpayers to do everything in my power to protect their investment. h.r. 1664 will impose

Gus Bilirakis

2:28:47 to 2:29:07( Edit History Discussion )

Gus Bilirakis: restrictions on tarp recipients who refuse voluntarily to change their excessive compensation practices. however, those firms that are not receiving taxpayer dollars who directly engage in business with a tarp recipient must be assured they will not find themselves falling within the

Gus Bilirakis

2:29:08 to 2:29:31( Edit History Discussion )

Gus Bilirakis: compensation restrictions of this bill. the bill as written recognizes this and states that a company that did business with a recipient of tarp funds will not be subject to the requirements of theill. this language gives assurance to the nontarp recipients that it's safe to do business with those pharmaceuticals on taxpayer li

Gus Bilirakis

2:29:32 to 2:29:53( Edit History Discussion )

Gus Bilirakis: support, which is -- with those on taxpayer life support. however, this same language in the bill has the potential to inadvertently let most, if not all tarp recipients, o the hook. for example, goldman sachs is a tarp recipient and has engaged in business with a.i.g. another tarp recipient.

Gus Bilirakis

2:29:54 to 2:30:14( Edit History Discussion )

Gus Bilirakis: since goldman sachs does business with a resy yent of tarp monies -- recipient of tarp monies, then by the terms of the language of the bill, goldman sachs will no longer be subject to the requirements of the bill. and for that matter, a.i.g. will not be subje to the requirements of the bill because a.i.g. does business with goldman sachs, which is is a

Gus Bilirakis

2:30:15 to 2:30:30( Edit History Discussion )

Gus Bilirakis: tarp recipient. as you can guess, virtually all have done business with each other and therefore will escape the compensation restrictions of h.r. 1664. if this language is not corrected.

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