Video archive of the US Congress

House Proceeding on Jul 31st, 2009 :: 2:15:40 to 2:19:10
Total video length: 3 hours 53 minutes Stream Tools: Stream Overview | Edit Time

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Jeb Hensarling

2:15:36 to 2:15:57( Edit History Discussion )

Jeb Hensarling: those who received tarp mon and paid it back and want to do bonuse risk will be entirely free to do so under this amendment. the speaker pro tempore: the gentleman from new jersey. mr. garrett: i'm pleased to yield three minutes to a lead for the advocating for those prix market principles as great as it is, the gentleman from

Jeb Hensarling

2:15:40 to 2:19:10( Edit History Discussion )
Speech By: Jeb Hensarling

Jeb Hensarling

2:15:58 to 2:16:18( Edit History Discussion )

Jeb Hensarling: texas. the speaker pro tempore: the gentleman is recognized for three minute mr. hensarling: to quote the distinguished chairman of the financial services committee, he was wrong then, he is wrong now. to say that replicans have no program. to deal with excessive risk and compensation prackages. yes, we do have a program. end the bailouts.

Jeb Hensarling

2:16:19 to 2:16:39( Edit History Discussion )

Jeb Hensarling: end the tarp program. if you quit bailing out risky behavior, mr. speaker, you receive less risky behavior. second of all, the gentleman's also wrong as far as the republican having no program, otherwise we wouldn't have the substitute we are debating at

Jeb Hensarling

2:16:40 to 2:17:01( Edit History Discussion )

Jeb Hensarling: the moment. i also heard the gentleman from north carolina earlier say, well, we need to have the underlying legislation because share hold verse no right to have a say on pay. wrong again, mr. speaker. shareholders have the right. they can have a say on pay by electing directors who will fire the management.

Jeb Hensarling

2:17:02 to 2:17:22( Edit History Discussion )

Jeb Hensarling: they have a say to invest elsewhere. their bill says we have to have mandatory, mandatory say on pay. now we can debate the merits of it, but the gentleman from north rolina was simply, clearly, wrong. i also want to say to my friends on the other side of the aisle, when i listen to, again, the lodge take we have

Jeb Hensarling

2:17:23 to 2:17:46( Edit History Discussion )

Jeb Hensarling: to have a new federal regulation that somehow will regulate risky incentive pay structures, again, all the rhetoric has to do with wall street. but guess what, lead read the bill. financial institutions. chrysler and g.m. have been found to be financial

Jeb Hensarling

2:17:47 to 2:18:07( Edit History Discussion )

Jeb Hensarling: institutions. we've had testimony, when they came looking for the taxpayer bailout, that the u.a.w., the united auto workers, had a pay structure that was 40% higher than their competitors. so now we have a law here that will allow federal regulators, i assume to come in and say,

Jeb Hensarling

2:18:08 to 2:18:30( Edit History Discussion )

Jeb Hensarling: folks at the u.a.w., your incentive structure is contributing to the demise of chrysler and g.m. we have to come down and take down your wage rates. read the bill, mr. speaker. this isn't restricted to the top executives. if anybody believes this is restricted to wall street, then why did chrysler, why did g.m. get coverage under a statute

Jeb Hensarling

2:18:31 to 2:18:52( Edit History Discussion )

Jeb Hensarling: that described financial institutions? so, mr. speaker, what we have is a federal government that is now taking over our auto company, telling us what kind of automobiles we can drive. taking over our mortgage companies, telling us whether or not we can enjoy a mortgage. they now want to control access to our family doctor. now they want to decide for

Jeb Hensarling

2:18:53 to 2:19:11( Edit History Discussion )

Jeb Hensarling: millions and millions of americans whether or not they can ever receive a sales commission or christmas bonus that they may view as too risky. what is risky is too much po

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