Video archive of the US Congress

Senate Proceeding on Mar 3rd, 2010 :: 2:47:00 to 2:54:00
Total video length: 10 hours 27 minutes Stream Tools: Stream Overview | Edit Time

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Barbara Boxer

2:46:56 to 2:47:16( Edit History Discussion )

Barbara Boxer: the care with which it was designed and the equities with which we are trying to deal with. i yield the mrs. boxer: mr. president? the presiding officer: the sena mrs. boxer: mr. president, i want to thank senator webb for offering thismendment which is the same text as our bill that we introduced about a

Barbara Boxer

2:47:00 to 2:54:00( Edit History Discussion )
Speech By: Barbara Boxer

Barbara Boxer

2:47:17 to 2:47:37( Edit History Discussion )

Barbara Boxer: i think senator webb has made an excellent case for this very important amendment which will reduce the deficit. it's an amendment that i believe reflects fairness and justice and the american way. in 2008 and 2009, the financial sector, as well as the

Barbara Boxer

2:47:59 to 2:48:20( Edit History Discussion )

Barbara Boxer: brink of another great depression and, frankly, financial collapse f. we remember back to those days, credit was frozen, businesses couldn't borrow and we were hearing predictions that this could be the end of capitalism and we heard that from republicans and democrats alike.

Barbara Boxer

2:48:21 to 2:48:42( Edit History Discussion )

Barbara Boxer: so what we did has worked. we have avoided a great depression. the economy is growing, although we are very worried about the slow pace of job creation, which is why we're working so hard to continue to create new jobs. but if we take a look at the financial institutions who

Barbara Boxer

2:48:43 to 2:49:04( Edit History Discussion )

Barbara Boxer: received this huge bailout, what we see is that they showed a resounding economic recovery in 2009 thanks to taxpayer assistance, many of these companies are posting record profits. so you've got these companies posting record profits who

Barbara Boxer

2:49:05 to 2:49:29( Edit History Discussion )

Barbara Boxer: benefited when times were bad by taxpayer help and now they are paying out multimillion-dollar bonuses to their top executives. mr. president, the united states pays its president, our highest-paid federal official, $400,000.

Barbara Boxer

2:49:30 to 2:49:51( Edit History Discussion )

Barbara Boxer: these company leaders are earning millions of dollars and then on top of that bonuses. so what senator webb and i are saying is this: if you have received a bonus of $400,000 or more from one of the top recipients of the taxpayer

Barbara Boxer

2:49:52 to 2:50:12( Edit History Discussion )

Barbara Boxer: bailout, we're saying you should pay a special fee one time. 50% of that bonus, which is on top of your salary, 50% of a bonus of $400,000 or more should go back to the taxpayersnd

Barbara Boxer

2:50:13 to 2:50:33( Edit History Discussion )

Barbara Boxer: reduce our deficit. it's hard for me to imagine how these financial companies who were bailed out by taxpayers could have such a deaf ear to the plight of america's workers and why they would eark upon

Barbara Boxer

2:50:34 to 2:50:55( Edit History Discussion )

Barbara Boxer: these enormous bonuses. especially since they're not lending the moneys that we think they ought to lend to businesses, to -- they're actually cutting back on lending to qualified businesses, and i think it's a 15 -- 18% reduction in loans to businesses, and yet

Barbara Boxer

2:50:56 to 2:51:16( Edit History Discussion )

Barbara Boxer: they're paying out these enormous bonuses. so what senator webb and i are saying, we want a one-time 50% fee paid on the bonus that

Barbara Boxer

2:51:17 to 2:51:40( Edit History Discussion )

Barbara Boxer: exceeds $400,000. and this fee would only affect bonus ripients at the largest and most major companies who received i want to reiterate this, the

Barbara Boxer

2:51:41 to 2:52:01( Edit History Discussion )

Barbara Boxer: fee is paid on the bonuses that exceed $400,000. we don't touch the bonuses $400,000 or less. we're making a point, and even though we've been fair on this, it will return to the treasury about $10 billion is our

Barbara Boxer

2:52:07 to 2:52:29( Edit History Discussion )

Barbara Boxer: estimate over time. now, it is only fair that these institutions which were so greatly assisted in 2009 should help our nation with our fiscal problems, we inherited those problems from this economic collse. we know that when president bush handed the keys over to president obama, there already

Barbara Boxer

2:52:30 to 2:52:50( Edit History Discussion )

Barbara Boxer: was a huge deficit in place, but president obama had to act, we had to pass a economic recovery act, we had to make sure credit was flowing, so it added still more to the debt. and it seems toe only fair at people who are at those institutions that were bailed out -- they only exist because

Barbara Boxer

2:52:51 to 2:53:11( Edit History Discussion )

Barbara Boxer: of the generity of taxpayers, because we knew if they failed, there would be big trouble -- that if their bonuses are over $400,000, they ought to pay this special one-time fee. back to taxpayers.

Barbara Boxer

2:53:35 to 2:53:56( Edit History Discussion )

Barbara Boxer: a very important priority for us to reduce this deficit. here's a way to d it that's totally fair and just. people who work at the institutions that got the biggest bailouts from uncle sam to save them and those people who are now getting those enormous bonuses ought to make a

Barbara Boxer

2:53:57 to 2:54:00( Edit History Discussion )

Barbara Boxer: contribution to deficit reduction. we need it. we think it's right, and we hope

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