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House Proceeding on Jul 31st, 2009 :: 2:22:40 to 2:25:35
Total video length: 3 hours 53 minutes Stream Tools: Stream Overview | Edit Time

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Spencer Bachus

2:22:37 to 2:22:58( Edit History Discussion )

Spencer Bachus: wards to that risky behavior for their bonuses. the company came down. we had to bail them out and you know who had to pay for those bonuses? the taxpayers. this bill is designed to prevent that. the speaker pro tempore: the gentleman's time has expired. mr. scott: this amendment is designed to gut it. i vote we vote down the

Spencer Bachus

2:22:40 to 2:25:35( Edit History Discussion )
Speech By: Spencer Bachus

Spencer Bachus

2:22:59 to 2:23:20( Edit History Discussion )

Spencer Bachus: amendment. the speaker pro tempore: the gentleman from new jersey. mr. garrett: i yield two and a half minutes to the ranking member. mr. bachus: we continue to hear the mantra that this is all about shareholders and empowering them with rights, but then you sort of give them a crumb. you give them a nonbinding right to have a vote on pay and

Spencer Bachus

2:23:21 to 2:23:41( Edit History Discussion )

Spencer Bachus: then you follow that up with 12 or 14 pages where you give the government all sorts of powers. powers to regulate pay, bonuses, and you do that, you give the shareholders the right to have a nonbinding say on the top executives but then you

Spencer Bachus

2:23:42 to 2:24:02( Edit History Discussion )

Spencer Bachus: give the government in the back door the last 15 pages of the bill, 14 pages. you give them the right to set the pay for every rank and file employee. and you also do it under the guise that these companies may are so big and so systemically important that they may fail. and that's right. they may.

Spencer Bachus

2:24:03 to 2:24:23( Edit History Discussion )

Spencer Bachus: but then you do all the other 99% of the companies that aren't going to fail. now, chairman frank last month invited i think one of his favorite witnesses, mel ninno

Spencer Bachus

2:24:24 to 2:24:44( Edit History Discussion )

Spencer Bachus: to testify on his save for pay bill. came and testified favorably. then he added this government say on pay, where the government will make the decisions. well, just yesterday we had what we call a man bites dog moment. she came out and she posted this on her website. she's now opposes -- vehemently

Spencer Bachus

2:24:45 to 2:25:05( Edit History Discussion )

Spencer Bachus: opposes section 4 of the bill, the government say on pay. she states the standard is unworkable. what does inappropriate mean? boy, i agree. deciding whatever bonus o incentive pay or every commission is inappropriate. she asked the same question

Spencer Bachus

2:25:06 to 2:25:26( Edit History Discussion )

Spencer Bachus: that we asked, who is in the best position to evaluate and respond to badly designed pay packages? here's her answer, entire answer. i have the utmost respect for politicians and bureaucrats but i also recognize that there are limits. the government should not micromanage pay. and that is what this debate is

Spencer Bachus

2:25:27 to 2:25:35( Edit History Discussion )

Spencer Bachus: about. going to let the government do it, are you going to let the board of directors do it, are you going to let the

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