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Video archive of the US Congress

House Proceeding on Jul 31st, 2009 :: 0:25:45 to 0:34:45
Total video length: 3 hours 53 minutes Stream Tools: Stream Overview | Edit Time

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Pete Sessions

0:25:41 to 0:26:01( Edit History Discussion )

Pete Sessions: the misbehavior in corporate america must come to an end by supporting this bill. i reserve the balance of my time. the speaker pro tempore: the gentleman reserves his time. the gentleman from texas. mr. sessions: mr. speaker, i thank you so much, and i appreciate the gentleman from massachusetts, my friend, mr. mcgovern, for yielding me time this morning. i yield myself such time as i may consume.

Pete Sessions

0:25:45 to 0:34:45( Edit History Discussion )
Speech By: Pete Sessions

Pete Sessions

0:26:02 to 0:26:22( Edit History Discussion )

Pete Sessions: the speaker pro tempore: the gentleman is recognized. mr. sessions: mr. speaker, i rise in opposition to this rule and to the underlying legislation. the structured rule does not call for the open and honest debate that we really had been promised years ago by our democratic colleagues to have an open, honest debate on the issues that are before this country.

Pete Sessions

0:26:23 to 0:26:45( Edit History Discussion )

Pete Sessions: but once again, time in and time out here we are without an open rule. mr. speaker, it's my intention today to discuss the dangerous precedent that this legislation sets forth on the future of business in america and the strangle hold that government will have over the free enterprise system. additionally, i offered two amendments in the rules committee last night, and i

Pete Sessions

0:26:46 to 0:27:06( Edit History Discussion )

Pete Sessions: will discuss those here one would ensure this legislation would not create a bonanza for trial lawyers, and the other would provide for the necessary transparency and disclosure for shareholders. both were reject by the democrats in the rules committee and eliminated from debate on the house flr today.

Pete Sessions

0:27:07 to 0:27:28( Edit History Discussion )

Pete Sessions: mr. speaker, government takeover of the free enterprise system seems to be a common theme with this democrat congress and with the obama administration. a theme that has led to record deficits and record unemployment. this underlying legislation has masked itself as a bill to restrict c.e.o. pay by giving

Pete Sessions

0:27:29 to 0:27:49( Edit History Discussion )

Pete Sessions: shareholders a nonbinding vote on executive compensation. yet, in a reality it gives the government broad authority to review and determine appropriate compensation for every employee of a financial firm. this legislation empowers the federal government to set

Pete Sessions

0:27:50 to 0:28:10( Edit History Discussion )

Pete Sessions: unprecedented standards for annual shareholder votes while providing broad government authority for regulators who will have guidance to implement this and give authority to them over the free enterprise system. we all agree that we need to curb abuses of the past and to promote reonsible approaches

Pete Sessions

0:28:11 to 0:28:32( Edit History Discussion )

Pete Sessions: to executive compensation. but this bill provides unprecedented government intervention in the free enterprise system. it is the wrong solution. the goal of regulatory reform should be to help, not hinder, our economy's ability to sustain economic growth and job

Pete Sessions

0:28:33 to 0:28:53( Edit History Discussion )

Pete Sessions: creation. this legislation does the opposite by legislating a one-size-fits-all rule for public companies that discourage private firms from going public. this will limit u.s. companies' access to the capital markets

Pete Sessions

0:28:54 to 0:29:14( Edit History Discussion )

Pete Sessions: and undermine u.s. economic competitiveness. this legislation allows financial regulators the authority to determine wages for all employees, not just c.e.o.'s, officers and bankers, but everyone. the rank and file of community banks, minority banks and credit unions could all have

Pete Sessions

0:29:15 to 0:29:35( Edit History Discussion )

Pete Sessions: their compensation determined by unelected washington bureaucrats. this perception undermines the confidence in corporate america, and unfairly taints the vast majority of u.s. companies. in an effort to provide the clarification necessary to ensure the intent of this

Pete Sessions

0:29:36 to 0:29:57( Edit History Discussion )

Pete Sessions: legislation is not to create a bonanza for trial lawyers. i offered an amendment in the rules committee. the ame clarified that this legislation simply creates no new private right of action in our courts, nor would its passage make a compensation committee's

Pete Sessions

0:29:58 to 0:30:19( Edit History Discussion )

Pete Sessions: decision to uphold its shareholders subject to any existing private right of action. without this amendment trial lawyers will be able to exploit a new opportunity to shakedown companies for huge payments by -- shake down companies for

Pete Sessions

0:30:20 to 0:30:41( Edit History Discussion )

Pete Sessions: huge payments. this is a commonsense amendment that should have been considered on the use floor today, and it should be in the bill as law. my second amendment would have provided sunshine and transparency for shareholders by requiring a full s.e.c.

Pete Sessions

0:30:42 to 0:31:03( Edit History Discussion )

Pete Sessions: disclosure about who is financing efforts to influence votes on this new connelly mandated -- this new nonbinding resolution. this amendment would put shareholders with access to information about who is spending money to inuence

Pete Sessions

0:31:04 to 0:31:25( Edit History Discussion )

Pete Sessions: that vote. as federal candidates, we are obligated to disclose to the name, occupation and amount given from each of our donors. we require this be public interest is advanced by letting voters know who funds each candidate's campaign.

Pete Sessions

0:31:26 to 0:31:48( Edit History Discussion )

Pete Sessions: my amendment asks the same disclosure so that shareholders know what people, what organization, whether they be labor unns, environmental groups, consumer advocates or simply a normal citizen of this country. we need to know who is spending

Pete Sessions

0:31:49 to 0:32:09( Edit History Discussion )

Pete Sessions: money on influencing this new machine -- mandated nonbinding vote. americans pride themselves on a marketplace that works for all of us. yet, today, congress will pass legislation that increases government intervention in the financial markets, rations

Pete Sessions

0:32:10 to 0:32:31( Edit History Discussion )

Pete Sessions: resources, limits consumer choices and dictates wages and prices. in a time of economic recession with record unemployment and record deficits, congress should be enacting legislation to assist our economy. mr. speaker, the motives are

Pete Sessions

0:32:32 to 0:32:53( Edit History Discussion )

Pete Sessions: clear. this administration and this congress are using policy and regulation to force a government takeover further of the free enterprise system. mr. speaker, this congress should be doing things to encourage employment, to

Pete Sessions

0:32:54 to 0:33:14( Edit History Discussion )

Pete Sessions: encourage people to go back to work, to encourage competitiveness, our country to be prepared tomorrow, not to have record unemployment, not to spend more money for record debts but to give america and the free enterprise system the chance

Pete Sessions

0:33:15 to 0:33:36( Edit History Discussion )

Pete Sessions: and opportunity it deserves to flourish in america. mr. speaker, i encourage my colleagues to vote against this rule and the underlying legislation. i reserve the balance of my time. the speaker pro mpore: the gentleman reserves his time. the gentleman from massachusetts. mr. mcgovern: mr. speaker, we have no further speakers at this time. i'd reserve the balance of my

Pete Sessions

0:33:37 to 0:33:57( Edit History Discussion )

Pete Sessions: time. the speaker pro tempore: the gentleman from texas. mr. sessions: thank you, mr. speaker. mr. speaker, in closing, i'd like to stress that while my friends on the other side of the aisle claim to be protecting consumers with this legislation, they refuse to protect all americans in this gislation from trial lawyers from benefiting from their tax

Pete Sessions

0:33:58 to 0:34:18( Edit History Discussion )

Pete Sessions: dollars, and they also voted in a the committee against transparency and accountability. mr. speaker, as a nation, we have many, many, many real problems to teal with that require leadership and dedication to ensure the future of this nation. we need to provide for jobs, encour

Pete Sessions

0:34:19 to 0:34:39( Edit History Discussion )

Pete Sessions: spur innovation and prosperity of this nation, not to hamper the free enterprise system. this is without question further government control and muzzling of the free enterprise system. some argue that this legislation's about executive compensation, but in reality it

Pete Sessions

0:34:40 to 0:34:46( Edit History Discussion )

Pete Sessions: continues to be the government takeover of the free enterprise system.

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