House Proceeding on Jul 31st, 2009 :: 1:19:30 to 1:22:50
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1:19:26 to 1:19:47( Edit History Discussion )

Barney Frank: that's remedy. that's the remedy. not to take christmas bonuses away from employees. i yield back the balance of my time. the speaker pro tempore: the gentleman yields back. the gentleman from massachusetts. mr. frank: i yield myself such time as i may consume. the speaker pro tempore: the gentleman is recognized. mr. frk: there's a contradiction here, when we're talking about a power, namely

1:19:30 to 1:22:50( Edit History Discussion )
Speech By: Barney Frank

1:19:48 to 1:20:11( Edit History Discussion )

Barney Frank: to reduce excessive risk incentivizing bonus this is a republicans want to defend they talk about the unelected bureaucrats. the unelected bureaucrats can't be trusted, except the gentleman from texas said, don't worry, the unelected bureaucrats are out there to protect us. the unelected bureaucrats in the republican cost ophthalmology are like the obama administration, they are

1:20:12 to 1:20:33( Edit History Discussion )

Barney Frank: either great whipping boys or sources of wisdom, depending on how the republicans have them. but i am interested, i notice a number of member says they don't like the bonuses. is there a republican proposal to deal with t bonuses that are being given? our proposal does not empower anybody to limit the amounts.

1:20:34 to 1:20:54( Edit History Discussion )

Barney Frank: the question is, is there a republican proposal that would deal with what paul volcker and ben bernanke and the financial regulators in england and warren buffett and many others believe is a destabilizing tendency to give out bonus this is a give you an incentive to

1:20:55 to 1:21:16( Edit History Discussion )

Barney Frank: take risks, excessive, excessive in the sense that you benefit if the risk pays off and you don't lose. we want people to take risk, but we want them to take risk this is a balance the upside and downside, not which look only at the upside. i continue to point out, not in the committee, not in 12 years whenhey controlled the place, not during this debate today, not in the rules committee, we

1:21:17 to 1:21:40( Edit History Discussion )

Barney Frank: have not seen a single republican proposal to deal with bonuses. their position apparently is, however the financial industry wants to structure bonuses, you get a bonus if it pays off in short term and tushes sour in the long term you get a bonus

1:21:41 to 1:22:02( Edit History Discussion )

Barney Frank: if it pays off and don't lose anything if it doesn't. they want to leave that the same. last consensus among financial regulators and others that this contributed to risk taking. we believe in the free market system and the incentives. how can it be you acknowledge that there's a system that says to people, take a risk because this is

1:22:03 to 1:22:24( Edit History Discussion )

Barney Frank: that's the problem, it's risk-free for the individual. it's risky for the company. when you accumulate riskers in company, it's risky for the economy. we say if it's risky for the company and the economy, we want it risky for the individual. we don't want risky individuals

1:22:25 to 1:22:45( Edit History Discussion )

Barney Frank: taking risks on the -- risk-free individuals taking risks on behalf of people who face risks. let us return to the thrilling days of yesteryear when loren rangers will ride again, untrammeled by any set of rule, they'll continue to give

1:22:46 to 1:22:50( Edit History Discussion )

Barney Frank: themselves bonuses to allow them to be free of risk. that's deal. the company will face risk, the