Video archive of the US Congress

House Proceeding on Jul 31st, 2009 :: 1:34:25 to 1:37:15
Total video length: 3 hours 53 minutes Stream Tools: Stream Overview | Edit Time

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Spencer Bachus

1:34:21 to 1:34:41( Edit History Discussion )

Spencer Bachus: not intended to be covered by financial institutions? mr. frank: yes. as to section 4. if the public companies they're covered by say on pay. and there might be companies that are not federally regulated. as of now if they are not federally regulated they are not covered. because a.i.g. was federalry

Spencer Bachus

1:34:25 to 1:37:15( Edit History Discussion )
Speech By: Spencer Bachus

Spencer Bachus

1:34:42 to 1:35:02( Edit History Discussion )

Spencer Bachus: regulated by the o.t.s., so they would have been covered. but the gentlewoman is correct. i now yield three minutes to the ge speaker, i have no further request for time so i am going to reserve the balance of my time. the speaker pro tempore: the gentleman reserves the balance of his time. the gentleman from alabama.

Spencer Bachus

1:35:03 to 1:35:23( Edit History Discussion )

Spencer Bachus: mr. bachus: i thank you, mr. chairman. mr. chairman, let me tie up a few what i consider loose ends about this legislation. one is the motivation. of course, we've heard that one of the motivations is that these pay schemes and arrangements could heighten risk. and then if one endorses the

Spencer Bachus

1:35:24 to 1:35:45( Edit History Discussion )

Spencer Bachus: obama administration approach that would precipitate a bailout. because the government would continually have to assure against some outside risk. and as i've said, the republican approach is simply, don't bail these companies out and then you don't have to be

Spencer Bachus

1:35:46 to 1:36:08( Edit History Discussion )

Spencer Bachus: micromanaging every compensation decision by a company. i think there's another motivation, and i think it's a very -- it's a slippery slope. chairman frank was on cnbc this past tuesday, and he asked this question. is there some character defect with some people where they get

Spencer Bachus

1:36:09 to 1:36:29( Edit History Discussion )

Spencer Bachus: hired that give them a prestige job but they really won't do it right unless you give them an extra bonus? most of us don't need that. so i'm wondering if one motivation for this legislation is so that the government can

Spencer Bachus

1:36:30 to 1:36:50( Edit History Discussion )

Spencer Bachus: decide whether people need a bonus or don't need a bonus, whether they're deserving of a bonus. and in fact several pages of the bill does just that. some people may not need that bonus. other people may. that decision will be made by the list of government entities

Spencer Bachus

1:36:51 to 1:37:12( Edit History Discussion )

Spencer Bachus: on page 15, not by shareholders, even though this bi is trotted out as a shareholder bill. not by the board of directors, not by the management, who an important tool of management is to offer incentives and incentivize performance and achievement. but apparently now it's the

Spencer Bachus

1:37:13 to 1:37:15( Edit History Discussion )

Spencer Bachus: government will dec

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