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House Proceeding on Jul 31st, 2009 :: 1:49:30 to 1:53:10
Total video length: 3 hours 53 minutes Stream Tools: Stream Overview | Edit Time

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Tom Price

1:49:28 to 1:49:48( Edit History Discussion )

Tom Price: but -- i agree people's pay should not be subjected to decisions. there is an s.e.cdecisions that where someone received compensation and it turned the transaction was not profitable that a return of the

Tom Price

1:49:30 to 1:53:10( Edit History Discussion )
Speech By: Tom Price

Tom Price

1:49:49 to 1:50:12( Edit History Discussion )

Tom Price: money given because of profitability might with be appropriate. our language reflects that. it does give some protection against arbitrary return and i reserve the balance of my time. the speaker pro tempore: for what purpose does the gentleman from georgia rise? >> to claim the time in opposition. the speaker pro tempore: the gentleman is recognized for

Tom Price

1:50:13 to 1:50:33( Edit History Discussion )

Tom Price: five minutes mr. price: the debate on this amendment is very appropriate and jermaine to the actions of this entire congress. the amendment offered in the committee in good faith to try to make certain that there

Tom Price

1:50:34 to 1:50:54( Edit History Discussion )

Tom Price: weren't any changes that could compensation packages and incentive pay was very specific. it said that no compensation of any executive having been approved by a majority of the shareholders may be subject to any callback, which is the retroactivity, unless it was part of the contract or unless

Tom Price

1:50:55 to 1:51:15( Edit History Discussion )

Tom Price: there had been fraud committed. that's what accepted by committee, mr. speaker, accepted by committee. the amendment was put bill. with the caveat that the chairman wanted potentially a few changes. i would vote quothe from the chairman who said, the impulse to retroactivity is not one of

Tom Price

1:51:16 to 1:51:36( Edit History Discussion )

Tom Price: our finest and ought to be restrained, unquote he said, quote, we could work together to make sure this doesn't derogate from the s.e.c. to make sure you don't do this i'm here to tell you, there weren't any discussions before the rules committee met, or any substitutions -- discussions before the amendment we have before us was offered.

Tom Price

1:51:37 to 1:51:58( Edit History Discussion )

Tom Price: as the apparently good faith effort to the amendment offered and adopted in a bipartisan manner, majority, in the committee. what is the new -- what does the new amendment say? it says no regulation promulgated shall require the recoveryf incentive-based compensation under arrangements

Tom Price

1:51:59 to 1:52:20( Edit History Discussion )

Tom Price: as of the date of e enact ofment this. what does that mean? the s.e.c., the federal government, will be able to dictate pay. dictate pay because of the language in this amendment to privately held companies. that may be ok if they take tax money -- publicly held companies. that may be ok if they take tax money, federal tax money, but

Tom Price

1:52:21 to 1:52:42( Edit History Discussion )

Tom Price: this would be publicly traded company this is a don't take a dime of tax money. mr. speaker, this is a hug step in the wrong direction. section 4 is the area of this bill we have great concerns about. it puts the federal government, it puts the s.e.c. into, into the agreements for compensation for executives in publicly traded companies, it cuts at

Tom Price

1:52:43 to 1:53:04( Edit History Discussion )

Tom Price: the very core of our free market system, i would urge a no vote on the amendment and reserve the balance of my time. the speaker pro tempore: the gentleman from georgia reserves this ethe gentleman from massachusetts. mr. frank: how much time remains? the speaker pro tempore: the gentleman from massachusetts ha gentleman from georgia has 2 1/2 minutes remaing. the gentleman from georgia has

Tom Price

1:53:05 to 1:53:10( Edit History Discussion )

Tom Price: the right to close. mr. frank: i yield myself 30 seconds to act nong one thing that should have been drafted better.

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