Video archive of the US Congress

House Proceeding on Jul 31st, 2009 :: 2:19:35 to 2:22:35
Total video length: 3 hours 53 minutes Stream Tools: Stream Overview | Edit Time

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David Scott

2:19:31 to 2:19:51( Edit History Discussion )

David Scott: administration decided to have a bailout of g.m. and is not binding on this. i yield three minutes to the gentleman from georgia, mr. scott. the speaker pro tempore: the gentleman is recognized for three minutes. mr. scott: thank you, mr. speaker. thank you, mr. chairman. let me say this, my good friend from new jersey's mr. garrett is not like having a say on

David Scott

2:19:35 to 2:22:35( Edit History Discussion )
Speech By: David Scott

David Scott

2:19:52 to 2:20:16( Edit History Discussion )

David Scott: pay, but maybe a little whisper. mr. garrett's amendment goes at the heart and soul of this bill. and that is this -- that we must have a very strong, definitive say-so from the shareholders. now, mr. hensarling, the gentleman from texas, pointed out about the bailouts and how we're to prevent this.

David Scott

2:20:17 to 2:20:39( Edit History Discussion )

David Scott: this measure that we have is designed to prevent this same situation from happening again. in section 4, as he pointed out, the reasowe need section 4, and let us rember what section 4 is, section 4 again is the heart and soul of this. because it spells out how we're

David Scott

2:20:40 to 2:21:00( Edit History Discussion )

David Scott: going to go about preventing bonuses tied to incentives that have dragged down this economy and brought us into the financial situation we have. we e-- he questions the regulators. maybe the american people need to know who we're talking about. we're not talking about somebody over here inexperienced, we're going to set up.

David Scott

2:21:01 to 2:21:23( Edit History Discussion )

David Scott: who are these regulators? these regulators are the federal reserve bank, whose duty it is to regulate our economy. s the office of the comptroller currency, the federal deposit insurance corporion who has to go in afterwards and fix banks and declare bankruptcy of banks.

David Scott

2:21:24 to 2:21:45( Edit History Discussion )

David Scott: the securities and exchange commission, the federal housing agency. what is this awesome power we're giving to them? it's spelled out very simply. what we want them to do is simply -- we will require those regulators to prohibit certain compensation structures at

David Scott

2:21:46 to 2:22:06( Edit History Discussion )

David Scott: large financial institutions, if they could have a serious adverse effect on financial stability. instability. that's what we're trying to do. we're trying to prevent the same thing from happening again. secondly, we will require federal regulations to write

David Scott

2:22:07 to 2:22:28( Edit History Discussion )

David Scott: rules requiring financial stewings to simply disclose their incentive based pay plans. incentives that are tied to risky behavior. mr. speaker, what has happened that brought this on, here's the simple case. a.i.g. they went and set up a little department with 430 employees,

David Scott

2:22:29 to 2:22:36( Edit History Discussion )

David Scott: out of connecticut and over into europe, and assigned risky behavior and assign red

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