Video archive of the US Congress

Senate Proceeding on May 12th, 2010 :: 2:45:50 to 2:48:30
Total video length: 10 hours 56 minutes Stream Tools: Stream Overview | Edit Time

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James Webb

2:45:46 to 2:46:06( Edit History Discussion )

James Webb: people. thank you, mr. president, i yield the floor. a senator: mr. president? the presiding officer: the senator from mr. webb: mr. president, i rise to speak on an amendment that i introduced, amendment numbered 3736. this amendment, i know, has caused some concerns in different places, both in the

James Webb

2:45:50 to 2:48:30( Edit History Discussion )
Speech By: James Webb

James Webb

2:46:07 to 2:46:31( Edit History Discussion )

James Webb: political process and in the financial sector. i believe it is a very fair, carefully drawn amendment it's a fulfillment of a promise that i made when i voted in favor of the tarp funding on october 1, 2008, when i stated that i would do everything i could to make sure, first of

James Webb

2:46:32 to 2:46:54( Edit History Discussion )

James Webb: all, that we look at appropriate executive compensation issues. secondly, that we would work to regulate the financial sector, which we are doing with this bill, thankfully. thirdly, that we would invest the american taxpayers in the upside of the economy when it started to come back because it was the american taxpayers'

James Webb

2:46:55 to 2:47:18( Edit History Discussion )

James Webb: funding of our -- rebuilding our economy that made this happen, not the funding of the banking system. and this bill simply says that if you receive -- or this amendment simply says that if you receive $5 billion or more from the tarp program, and if you were a couple of other

James Webb

2:47:19 to 2:47:40( Edit History Discussion )

James Webb: companies like fannie mae and freddie mac who received significant federal funding in this bailout, that any compensation that you received in 2009 that is above your basic compensation and above an initial $400,000 bonus should be shared with the taxpayers who made this possible. this is not a clawback. it's not retroactive.

James Webb

2:47:41 to 2:48:03( Edit History Discussion )

James Webb: it's moneys earned in 2009 which came in -- which were paid out in 2010. it's not ongoing. it's a one-shot proposition. it affects only 13 companies. and from the executives in those 13 companies, it's estimated that the american taxpayers would be reunion rated to the extent of -- remunerated to the

James Webb

2:48:04 to 2:48:24( Edit History Discussion )

James Webb: extent of $3.5 billion to $10 billion. believe this is very fair, but at the same time i understand, based on discussions with leadership, that there may be a constitutional point of order that would preclude consideration of this amendment on this particular piece of legislation. so i would like to take this opportunity, mr. president, to

James Webb

2:48:25 to 2:48:30( Edit History Discussion )

James Webb: inquire of chairman dodd through the chair whether that is his

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