Metavid

Video archive of the US Congress

House Proceeding on Jul 31st, 2009 :: 1:45:15 to 1:48:45
Total video length: 3 hours 53 minutes Stream Tools: Stream Overview | Edit Time

Note: MetaVid video transcripts may contain inaccuracies, help us build a more perfect archive

Download OptionsEmbed Video

Views:317 Duration: 0:03:30 Discussion

Previous speech: Next speech:

Melvin L. Watt

1:45:13 to 1:45:36( Edit History Discussion )

Melvin L. Watt: warned this bill goes too far. independent witnesses have warned this bill goes too far. the speaker pro tempore: the gentleman's time has expired. the gentleman from north carolina. mr. watt: i yield myself the balance of me time. the speaker pro tempore: the gentleman is recognized. mrwatt: the fact that we are here today debating this bill

Melvin L. Watt

1:45:15 to 1:48:45( Edit History Discussion )
Speech By: Melvin L. Watt

Melvin L. Watt

1:45:37 to 1:45:59( Edit History Discussion )

Melvin L. Watt: with such vociferous opposition , to me is a commentary on how out of whack our whole system has become. first of all, this bill is a shareholders the right to make

Melvin L. Watt

1:46:00 to 1:46:20( Edit History Discussion )

Melvin L. Watt: advisory votes, take advisory votes on compensation. who are these shareholders? they're the owners of the company. they are the owners of the company.

Melvin L. Watt

1:46:21 to 1:46:43( Edit History Discussion )

Melvin L. Watt: and somehow the opponents of this bill are trying to convince the public that the owners of a company shouldn't have the right to express their opinion to the board about compensation of the officers of that company. and the bill specifically says, and i'm reading from the bill,

Melvin L. Watt

1:46:44 to 1:47:04( Edit History Discussion )

Melvin L. Watt: the shareholder vote shall not be binding on the board of directors. and it shall not be constrd as overruling a decision of the board. we're just giving them the explicit right to advise the board about compensation. one gentleman has said that this applies to manufacturers.

Melvin L. Watt

1:47:05 to 1:47:25( Edit History Discussion )

Melvin L. Watt: it doesn't apply to manufacturers. section 4 doesn't apply to manufacturers. even if it did, would apply only to the extent that they could threaten the safety and soundness of a financial institution.

Melvin L. Watt

1:47:26 to 1:47:46( Edit History Discussion )

Melvin L. Watt: manufacturers are not financial institutions. and only to the extent that they could be -- cause serious adverse effects on economic stability and that, i would submit, is an appropriate federal government role to play

Melvin L. Watt

1:47:47 to 1:48:08( Edit History Discussion )

Melvin L. Watt: , to make sure we don't get back into the kind of meltdown that we are experiencing and have been experiencing result of greed and irresponsibility in the private sector. this is not the government taking ove

Melvin L. Watt

1:48:09 to 1:48:29( Edit History Discussion )

Melvin L. Watt: sector, either in the financial sector or any other sector of our economy. it is a statement by the american people that it's time for us to straighten up the ship. we should pass this bill today and move on. thank you. the speaker pro tempore: the gentleman's time has expired. all time for debate has

Melvin L. Watt

1:48:30 to 1:48:45( Edit History Discussion )

Melvin L. Watt: for what purpo does the gentleman from massachusetts rise? mr. frank: to offer an amendment. the speaker pro tempore: the clerk will designate the amendment. the clerk: amendment number one, printed in house report 111-231, offered by mr. frank of massachusetts.

Personal tools

MetaVid is a non-profit project of UC Santa Cruz and the Sunlight Foundation. Learn more About MetaVid

The C-SPAN logo and other servicemarks that may be found in video content are the property of their respective trademark holders. None of these trademark holders are affiliated with Metavid