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House Proceeding on Jul 31st, 2009 :: 1:13:35 to 1:19:25
Total video length: 3 hours 53 minutes Stream Tools: Stream Overview | Edit Time

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Jeb Hensarling

1:13:32 to 1:13:52( Edit History Discussion )

Jeb Hensarling: millions in executive not withstanding the fact that these banks have been -- they have not been managed properly and could have been managed a lot better. these kinds of headlines are going to cause problems for a lot of people. i am going to vote with the chairman. i'm voting for the bill. it is a good bill. it is a just bill. i yield back the balance of my

Jeb Hensarling

1:13:35 to 1:19:25( Edit History Discussion )
Speech By: Jeb Hensarling

Jeb Hensarling

1:13:53 to 1:14:14( Edit History Discussion )

Jeb Hensarling: time. the speaker pro tempore: the gentleman yields back his time. the ge mr. bachus: i yield four minutes to the gentleman from texas, mr. hensarling. the speaker pro tempore: the four minutes. mr. hensarling: i thank the gentleman for yielding, mr. speaker. there are ascts of this legislation that i certainly appreciate.

Jeb Hensarling

1:14:15 to 1:14:35( Edit History Discussion )

Jeb Hensarling: all americans have been outraged, it's a word we use frequently and use justifiably. about some of the compensation packages we've seen from failed company this is a come with tin cup in hand to the united states taxpayer. looking for this bill has some provisions that adds increased

Jeb Hensarling

1:14:36 to 1:14:56( Edit History Discussion )

Jeb Hensarling: transparency, some increased accountability, and that's good. but unfortunately, the bad in the bill way outshadows the good. so what i've always said, mr. speaker is what you do with your money is your business. what you do with the taxpayer money is our business. mr. speaker, unfortunately, you

Jeb Hensarling

1:14:57 to 1:15:20( Edit History Discussion )

Jeb Hensarling: can't just read the bumper sticker slogan. you actually have to read the legislation. so we hear speech after speech about these failed institutions taking in all of this government money. well, i wonder then, why in committee on a party line vote

Jeb Hensarling

1:15:21 to 1:15:42( Edit History Discussion )

Jeb Hensarling: did we vote down an amendment amendment i brought that would have ensured that the bailout recipients, that this legislation applied to them and them only. they're the poster children in this debate, but yet the legislation extends potentially to every public company in america that somehow is defined

Jeb Hensarling

1:15:43 to 1:16:05( Edit History Discussion )

Jeb Hensarling: as a quote-unquote covered financial institution. by the way, i would say to my friends on the other side of the aisle, the best way to deal with risky pay schemes is to quit bailing them out in the first place. my friends on the other side of the aisle are enshrining us as a bailout nation system of you

Jeb Hensarling

1:16:06 to 1:16:26( Edit History Discussion )

Jeb Hensarling: complain about the taxpayers picking up the tab, i've complained about the taxpayers picking up the tab. quit bailing them out in the first place. now, again, we have to read the bill and not just read the slogan. because if you read the bill, what you find out is, number one, this isn't just pay

Jeb Hensarling

1:16:27 to 1:16:51( Edit History Discussion )

Jeb Hensarling: restrictions that go to those in the troubled wall street rms. again it's almost every covered financial institution. guess what? if you read further into the bill, it doesn't just top executives. every single employee, every single employee who has a yet-unquote incentive-based can

Jeb Hensarling

1:16:52 to 1:17:12( Edit History Discussion )

Jeb Hensarling: -- a quote-unquote incentive-based compensation can be covered by this. we've learned that somehow work a very intrerptive approach to the english language that general motors and chrysler have been found to be financial institutions. this means any employee, any employee who receives a tip a

Jeb Hensarling

1:17:13 to 1:17:33( Edit History Discussion )

Jeb Hensarling: sales commission a christmas bonus could have a federal bureaucrat take it away from them. ho, ho, ho. that's what this legislation is all about. don't get sucked in by the bumper sticker slogan. rea that was the problem on the original bailout. nobody read the legislation. the government stimulus, nobody

Jeb Hensarling

1:17:34 to 1:17:54( Edit History Discussion )

Jeb Hensarling: read the legislation. well, 1,000-page bill. i think it's 15 or 20 pages. i actually took the time to read it. if this is just about class warfare, mr. chairman, why doesn't this do anything about hollywood stars who make

Jeb Hensarling

1:17:55 to 1:18:16( Edit History Discussion )

Jeb Hensarling: million for a movie, yet the movie loses money? why isn't it about a third baseman for the new york yankees who gets $21 million and ties his worst record for striking out in the season? why doesn't have have -- why doesn't this have anything to do with the personal injury tria and millions and theiclients are doing good to make

Jeb Hensarling

1:18:17 to 1:18:37( Edit History Discussion )

Jeb Hensarling: thousands. may i have an additional minute? mr. bachus: i yield the gentleman an additional minute. the speaker pro tempore: the gentleman is recognized. mr. hensarling: i hear the rhetoric from the other side of the aisle which seems like a lot of recycled class warfare to me. another point i'd make, we hear that we need this to deal with

Jeb Hensarling

1:18:38 to 1:18:58( Edit History Discussion )

Jeb Hensarling: safety and soundness. we need this legislation to deal with systemic risk. well, number one, i listened very carefully to the testimony presented in our committee and i'm sure it's theoretically possible that there are pay structure this is a may lend themselves to this, but again, what -- show me the evidence.

Jeb Hensarling

1:18:59 to 1:19:21( Edit History Discussion )

Jeb Hensarling: where is the evidence. when i look at pay structures among financial firm this is a fail versus those that didn't fail, i don't see the correlation. second of all, as we know, mr. speaker, the regulators have the power to regulate the liquidity and capital standards

Jeb Hensarling

1:19:22 to 1:19:25( Edit History Discussion )

Jeb Hensarling: of these financial firms to make it commensurate with the risk.

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