House Proceeding on Jul 31st, 2009 :: 2:12:30 to 2:15:35
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2:12:27 to 2:12:47( Edit History Discussion )

Barney Frank: well-capitalized financial institutions. this bill does the opposite. support the common sense garrett substitute. with that, i yield back the balance of my time. gentleman from massachusetts. mr. frank: i yield myself three minutes. first, i had been taken -- taking as given that the president's press secretary said he had some problems with the bill.

2:12:30 to 2:15:35( Edit History Discussion )
Speech By: Barney Frank

2:12:48 to 2:13:09( Edit History Discussion )

Barney Frank: we have the republicans in a temporary mode of obedience to the president. they thought it was still george bush. they were used to snapping to attention for president bush. a lit -- a little of that is left other for president obama. i think we should have been independent in both cases. mr. gibbs said nothing negative about this he was asked if he

2:13:10 to 2:13:30( Edit History Discussion )

Barney Frank: would sign this bill he s there are some pieces moving, and it'll go through the senate. he didn't fully answer it and got a followup about are they trying to avoid spilling beer on the president's children's table. i want to talk about say on pay.

2:13:31 to 2:13:51( Edit History Discussion )

Barney Frank: here's what the gentleman from alabama had to say as a prediction when we debated this in march of 2007. evidence that free market forces are already at work to correct any excesses in the system should give this committee real pause before it seeks to impose legislative

2:13:52 to 2:14:14( Edit History Discussion )

Barney Frank: fix that could, like past efforts in this area, have unintended and negative consequences. in march, well over two years ago, the gentleman from alabama confiden market forces are already at work to correct pay excesses system of apparent he the gentleman from alabama was correct, there have been no pay excesses for 2 1/2 years, we've

2:14:15 to 2:14:36( Edit History Discussion )

Barney Frank: all been hallucinating. he was wrong then, he's wrong now. now they've had to acknowledge the importance of say on pay. i also would repeat what i say -- when i say the republicans have no version. they want to weaken say on pay. with regard to the bonus structure that gives people an incentive to take risks because the decision maker is risk-free, even though the

2:14:37 to 2:14:57( Edit History Discussion )

Barney Frank: company is at risk, the there has not been in any of our deliberations any republican approach to how you deal with the incentive to take excessive risk no way, no how. they have reluctantly agreed to say on pay, they want to water it down. as to the argument that an annual votfocuses you sh

2:14:58 to 2:15:23( Edit History Discussion )

Barney Frank: there's an annual proxy vote. it doesn't require you, if you've got a three-y contract, then every year it would still be approved system of this notion that it focuses on a shorter term is of course wholly inaccurate. it says you put it on the proxy every year. some have annual contracts, some binall, some tri-enall.

2:15:24 to 2:15:35( Edit History Discussion )

Barney Frank: if they are triennial, that's when they vote. we can -- the is is two, say on pay and have the federal government say nothing about the bonus structure.