House Proceeding on Jul 31st, 2009 :: 0:58:30 to 1:01:20
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0:58:26 to 0:58:47( Edit History Discussion )

Barney Frank: compensation government bureaucrats don't know what's best for america. for those reasons, mr. chairman, i urge opposition to this legislation and reserve the balance of my time. the speaker pro tempore: the gentleman reserves the balance of his time. the gentleman from massachusetts. mr. frank: mr. chairman, i yield myself three additional minutes to deal with some of these comments.

0:58:30 to 1:01:20( Edit History Discussion )
Speech By: Barney Frank

0:58:48 to 0:59:08( Edit History Discussion )

Barney Frank: the speaker pro tempore: the gentleman is recognized. mr. frank: first of all, i'm struck by the fact as the gentleman, as he indicated in our markup, is sufficiently nervous about the political implications of imposing this bill and having the house take no action whatsoever to deal with the problem of risk incentivizing bonuses. but he wants to debate cap and trade and health care. they're not before us. what's before us is this bill,

0:59:09 to 0:59:29( Edit History Discussion )

Barney Frank: and when members debate the bills that aren't here, it's an indication that they're a little shaky on the bills that are here. secondly, yes, it does say that they can deal with all wages but not in general. the gentleman reads selectively. the reading about taking action is in this context. to determine whether the compensation structure is aligned with sound risk management is structured to account for the time horizon of

0:59:30 to 0:59:50( Edit History Discussion )

Barney Frank: risks. and will reduce unreasonable incentives by such institutions for employees to take undue risks. it is limited in its grantor authority only to structures that incentivize excessive risk. there is no mandate here to set wages for anybody.

0:59:51 to 1:00:11( Edit History Discussion )

Barney Frank: there is no mandate to say this percentage is bonuses and that rcentage is pay. it's a mandate only to act where the structure invent advises risk. as has been recognized as part of the problem very broadly. i will plead guilty to one issue. taking orders from the obama administration. and maybe having represented a

1:00:12 to 1:00:36( Edit History Discussion )

Barney Frank: party that took orders from the bush administration, they now wish they didn't, but that's not an example i want to follow. i am not here as a member of congress or as chairman of a committee to do whatever an administration says. i am here for us to put our independent judgment. but the gentleman closed with the key difference between us. the republican position, as he

1:00:37 to 1:00:58( Edit History Discussion )

Barney Frank: articulates and it is have the federal government take no action whatsoever to strain the bonuses that incentivize excessive risk. if they pay back that tarp money that they benefited from -- and their position is do nothing to deal with this. we take the opposite position. i reserve the balance of my time. the speaker pro

1:00:59 to 1:01:20( Edit History Discussion )

Barney Frank: gentleman reserves the balance of his time. the gentleman from alabama. the gentleman from alabama. mr. bachus: thank you. mr. chairman, i yield two minutes to the gentleman from south carolina. the sp gentleman is recognized for two minutes. mr. barrett: mr. speaker, i rise in opposition of the corporate and financial instution compensation fairness act of 20.