Video archive of the US Congress

Senate Proceeding on Jun 17th, 2009 :: 1:21:15 to 1:26:30
Total video length: 10 hours 8 minutes Stream Tools: Stream Overview | Edit Time

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Bob Corker

1:21:14 to 1:21:35( Edit History Discussion )

Bob Corker: thank the chair and yield the floor. a senator: mr. president? the presiding officer: the senator from tennessee. a senator: i'd like to speak as if in morning e presiding officer: is there objection? without objection. mr. corker: mr. president, i thank you. i rise today to speak briefly about a bill that senator warne

Bob Corker

1:21:15 to 1:26:30( Edit History Discussion )
Speech By: Bob Corker

Bob Corker

1:21:36 to 1:21:56( Edit History Discussion )

Bob Corker: from virginia and myself will be offering later today. the title will be the tarp recipient ownership trust act of 2009. this bill intends to deal with the issue that our government finds itself in a position of large ownership in companies, something that i think none of

Bob Corker

1:21:57 to 1:22:21( Edit History Discussion )

Bob Corker: us ever imagined would be the case some time ago. this p deals with tarp recipients. but what it does is solve the unease and the problem that many of us have here in the senate and in congress with the fact that we hav government ownerships in companies. and what this bill would do

Bob Corker

1:22:22 to 1:22:42( Edit History Discussion )

Bob Corker: would be to set up a trust for all cpany company ownership to be put into when stakes are larger than 20% of the what it would do is give the administration the ability to appoint three trustees to have a fiduciary obligation to the

Bob Corker

1:22:43 to 1:23:03( Edit History Discussion )

Bob Corker: taxpayers of this country. it would b my hope that these trustees would be people like warren buffet or jack welch people like that that we consider, all of us in our country, with respect and certainly to be participants. these trustees would be paid no money. they would do this as a duty to

Bob Corker

1:23:04 to 1:23:24( Edit History Discussion )

Bob Corker: our country. and while their objective would be to look at these with fiduciary responsibility to the taxpayers, they be given the direction top unload these ownerships by

Bob Corker

1:23:25 to 1:23:45( Edit History Discussion )

Bob Corker: december 24 i think this would go a long towards giving all of us more comfort that there political agenda with any of these companies, that these companies were being dealt within a way that is fair and apprriate to the taxpayers.

Bob Corker

1:23:46 to 1:24:06( Edit History Discussion )

Bob Corker: and i think this is something that while is not perfect, would do those things necessary to make us all feel a lot more comfortable about where we are. number one, neutral, well-respected business people looking after our taxpayer interest. hopefully that

Bob Corker

1:24:07 to 1:24:27( Edit History Discussion )

Bob Corker: much as possible any kind of political involvement in these companies. and secondly, obviously they would be given the directive to unload these -- to unload this ownership by december 24 of 2011, as i have mentioned. mr. president, they can come back at that time, if they feel for some reason that this is not

Bob Corker

1:24:28 to 1:24:49( Edit History Discussion )

Bob Corker: in the taxpayer interest. they can come back to us at that time and seek additional time should they think that's in our terest as taxpayers to extend that period of time. mr. president,his is a bipartisan piece of legislation. this is not done with any kind of ax to grind.

Bob Corker

1:24:50 to 1:25:10( Edit History Discussion )

Bob Corker: this legislation is being offered truly just to solve rub we find ourselves in where we have large ownership stakes. specifically today, because of the ownership stakes that exist, the three companies that would be affected by this would be

Bob Corker

1:25:11 to 1:25:33( Edit History Discussion )

Bob Corker: a.i.g., would be citigroup, and would be of course the automobile c motors. there could be additional companies that through conversions to common equity, that might be affected by this. mr. president, i think this is a very legislation that i hope will have broad bipartisan support for. i thank you for the time.

Bob Corker

1:25:34 to 1:25:55( Edit History Discussion )

Bob Corker: i'd like to mention one other thing in closing. a number of senators, large number of senators, signed a letter to the leader asking that we do our business in a very thoughtful way as it relates to appropriations. each year we find ourselves in a position where we end up with an omnibus bill that most of us feel very uncomfortable signing

Bob Corker

1:25:56 to 1:26:18( Edit History Discussion )

Bob Corker: into law. we've asked that the appropriations bill be passed in such a manner that we have eight of them passed individually by the august recess. mr. president, i know today here we are skubg on a bill -- and i realize there's some stalling that's taking place. i have to question why we are

Bob Corker

1:26:19 to 1:26:31( Edit History Discussion )

Bob Corker: focused on a touri bill today when we still have not begun our appropriations process? i would just say to the leader, i hope that he will move on with doing the appropriations in an

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