Video archive of the US Congress

House Proceeding on Jul 31st, 2009 :: 1:03:00 to 1:07:00
Total video length: 3 hours 53 minutes Stream Tools: Stream Overview | Edit Time

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David Scott

1:02:47 to 1:03:08( Edit History Discussion )

David Scott: legislation, and i yield back the balance of my time. the speaker pro tempore: the gentleman yields back the balance of his time. the gentleman from massachusetts. mr. frank: i yield four minutes to a member of the committee, the gentleman from georgia, mr. scott. the speaker pro tempore: the gentleman is recognized for four minutes. mr. scott: thank you very much, mr. speaker. i appreciate that very much.

David Scott

1:03:00 to 1:07:00( Edit History Discussion )
Speech By: David Scott

David Scott

1:03:09 to 1:03:30( Edit History Discussion )

David Scott: let me just start out by saying this. we're hearing complaints from the other side about we are taking over the private enterpri system. we are taking over the free enterprise system. let me remind them that it wasn't us that went to the private enterprise system, it wasn't the government that went to wall street. wall street came to the government to bail them out from their behaviors. now, mr. speaker, the american

David Scott

1:03:31 to 1:03:51( Edit History Discussion )

David Scott: landscape is absolutely littered with company after company that has been driven into the ground by executives who were greedy, who were selfish, cared only about themselves with these huge salaries and these companies are left to wither on the vine after they have gotten their

David Scott

1:03:52 to 1:04:12( Edit History Discussion )

David Scott: golden parachutes and ve landed elsewhere. somebody needs to say something about the american people. this is a free enterprise ystem, but it's not just free for top executives it's free for shareholders. it's free for those men and women who've given their lives, their blood, their sweat and

David Scott

1:04:13 to 1:04:35( Edit History Discussion )

David Scott: their tears. and to see their companies in shambles because of excessive pay by executives who have abandoned those companies, what about their pensi what about their retirement that have gone? no, mr. speaker, this is not about taking over the private enterprise system. mr. speaker, this is about

David Scott

1:04:36 to 1:04:56( Edit History Discussion )

David Scott: saving and protecting enterprise system so that we all can bfree to participate in the system. now, mr. speaker, what we have before us here is something because of the fact that financial firms put together compensation packages and

David Scott

1:04:57 to 1:05:17( Edit History Discussion )

David Scott: bonuses that were based on incentives, that were layden with excessive risk that caused our financial cris brought this economy to the edge of collapse and caused us here in congress to go and get over $2 trillion of the

David Scott

1:05:18 to 1:05:38( Edit History Discussion )

David Scott: american taxpayers' money to bail them out. now, the first order of business -- and this is w this bill that chairman frank has pushed and i'm proud to say that we worked on this together over three years ago. had we had that bill in place three years ago we might not have had this financial crisis

David Scott

1:05:39 to 1:05:59( Edit History Discussion )

David Scott: because we will have been able to rein in the risky corporate behavior that brought about the collapse. and so that's what we're doing. we're putting forward some reasonable means here. what is more reasonable than giving the shareholders a simple say, a vote? it's nonbinding. we're not setting the salaries.

David Scott

1:06:00 to 1:06:20( Edit History Discussion )

David Scott: even the shareholders are not. but don't they have a right? isn't their company? they're the ones that are pumping the money into it. the other feature about the bill, mrspeaker, that is very simple, very reasonable is that we require these compensation committees that are on these

David Scott

1:06:21 to 1:06:42( Edit History Discussion )

David Scott: boards to be independent. right now it's a cozy relationship. the c.e.o. refers to theas his board. they're hand picked. they're paid $50,000, $100,000, $200,000 to come and sit. they need to be independent, and we have rules and regulations in the bill that allow for the regulators to

David Scott

1:06:43 to 1:07:01( Edit History Discussion )

David Scott: determine what these conditions will be to make sure they're independent. we make sure that the consultants who come in and help set up these compensation packages are there. the other point we do here, mr. speaker, which is important, we also want to make sure that as

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