House Proceeding on Apr 20th, 2007 :: 1:02:07 to 1:07:21
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0:58:27 to 1:02:07( Edit History Discussion )
Speech By: Peter Roskam

1:01:55 to 1:02:07( Edit History Discussion )

Peter Roskam: is recognized for five minutes. mr. crowley: i thank you. i thank the chairman. and i appreciate what we are doing here today. this is important i think for the american people to understand

1:02:07 to 1:02:18( Edit History Discussion )

Joseph Crowley: the critical role that congress plays here in providing transparency and openness and helping corporate america do what they do best, that is generate and grow our economy. i rise in opposition to

1:02:07 to 1:07:21( Edit History Discussion )
Speech By: Joseph Crowley

1:02:18 to 1:02:30( Edit History Discussion )

Joseph Crowley: the -- my friend the gentleman from georgia's amendment. i do so because it's interesting. there seems to be a doublespeak, mr. chairman, coming from the other side of the aisle. on one

1:02:30 to 1:02:44( Edit History Discussion )

Joseph Crowley: hand they say that there's too much government involvement and yet at the same time their amendment would add another layer of government involvement. a further study that would slow this

1:02:44 to 1:02:56( Edit History Discussion )

Joseph Crowley: whole process down. i don't understand what's wrong with transparency. transparency in our markets is what makes our markets so attractive to investors. to investors who want to know what's going on within

1:02:56 to 1:03:08( Edit History Discussion )

Joseph Crowley: their pub -- publicly traded company. this amendment would in effect, it would make the effective date of the bill conditional on the s.e.c.'s performance of a study to determine the effect

1:03:08 to 1:03:21( Edit History Discussion )

Joseph Crowley: of shareholder vote requirements on the ability of issuers to recruit and retain executives. the bill would not take effect if the s.e.c. finds the vote would, and i quote, significantly

1:03:21 to 1:03:32( Edit History Discussion )

Joseph Crowley: hinder issuers, recruitment, and retention of executives. in effect, this is a way to kill the bill without voting against the bill. it would permit the s.e.c. and the business executives

1:03:32 to 1:03:44( Edit History Discussion )

Joseph Crowley: to effectively veto the congress with a study. an amendment -- this amendment would make -- i will not yield. i only have less than five minutes. i have a lot to say. the amendment would

1:03:44 to 1:03:56( Edit History Discussion )

Joseph Crowley: -- at the end if there's time i will yield to the gentleman from georgia. the amendment would make nonbinding shareholder votes on compensation subject to an s.e.c. study and the s.e.c.'s

1:03:56 to 1:04:09( Edit History Discussion )

Joseph Crowley: finding. i should just remind our friends on the other side that congress does not generally make laws that apply only if agencies make certain findings. i'd also note for the record that this

1:04:09 to 1:04:22( Edit History Discussion )

Joseph Crowley: amendment was defeated in the committee on a vote of 27 yeas to 32 nays with one present. therefore a vote against this amendment. and again i just want to come back to what i talked about before.

1:04:22 to 1:04:35( Edit History Discussion )

Joseph Crowley: it relates as well to the putnam amendment. that is what is wrong with transparency? what is wrong with those individuals, mom and pops, moms who are soccer field moms understanding what their

1:04:35 to 1:04:50( Edit History Discussion )

Joseph Crowley: investment is doing? how their investment dollars are being spent? if the other side of the aisle wants to continue to ally themselves with the ken lays of the world over joe and mary six-pack,

1:04:50 to 1:05:04( Edit History Discussion )

Joseph Crowley: so be it. i would just point out that i think that the american stock owners would like to know what is happening in corporate america. i wonder how many stockholders in america in g.e. understood

1:05:04 to 1:05:15( Edit History Discussion )

Joseph Crowley: that when jack welsh retired as a c.e.o. what that package actually entailed. g.e.o. shareholders would provide him, i quote w. a lifetime access to company facilities and services cop prabble

1:05:15 to 1:05:28( Edit History Discussion )

Joseph Crowley: -- comparable to those currently made available to him by the company. that, and i quote again, uncondition -- that they are unconditional and irrevocable. and don't forget about the use

1:05:28 to 1:05:46( Edit History Discussion )

Joseph Crowley: of an $80,000 per month manhattan apartment owned by the company, a.k.a. the shareholders. i wonder how many of the shareholders know that they are supplying a rent-free apartment for jack welsh

1:05:46 to 1:05:58( Edit History Discussion )

Joseph Crowley: in manhattan. courtside seats at the new york nics and u.s. open. seats at william bol done. -- wimbledon. box seeks at the red sox-yankees baseball game. country club fees. who paid for all this

1:05:58 to 1:06:11( Edit History Discussion )

Joseph Crowley: and who continues to pay for this? the shareholders who are the individual citizens, pension funds, 401-k's. we the people who invest in these public corporations are the ones who pay for

1:06:11 to 1:06:25( Edit History Discussion )

Joseph Crowley: all this. is it right that we pay for this and have no ability to learn about it or no ability to really hold these public corporations accountable? i don't think so. the other side of

1:06:25 to 1:06:42( Edit History Discussion )

Joseph Crowley: the aisle seems to think that's ok and that's how corporate america should conduct itself. i believe that shareholders have the right to know what the full compensation packages are, the total compensation

1:06:42 to 1:06:54( Edit History Discussion )

Joseph Crowley: packages of the employees wanting there the shareholder companies. it goes back to mr. putnam's amendment again. what we need to oppose is this amendment as well as the pumnam amendment because

1:06:54 to 1:07:04( Edit History Discussion )

Joseph Crowley: it injects the government too far into the board rooms, creates into hassles for corporate america, and it disrespects and ignores the owners of shareholders, the constituency -- the chairman:

1:07:04 to 1:07:12( Edit History Discussion )

Joseph Crowley: the gentleman's time has expired. mr. crowley: as well as our constituents that we represent. i oppose this and the putnam amendment. i yield back the balance of my time. the chairman:

1:07:12 to 1:07:21( Edit History Discussion )

Joseph Crowley: for what purpose does the gentleman from new jersey rise? >> to strike the last word. the chairman: the gentleman is recognized for five minutes. >> i just come to the floor to rise to answer

1:07:21 to 1:07:31( Edit History Discussion )

Scott Garrett: the question that the gentleman from the other side just raised as far as the information that the shareholders have the right to know. and i agree with him completely. the shareholders

1:07:21 to 1:11:08( Edit History Discussion )
Speech By: Scott Garrett