House Proceeding 04-01-09 on Apr 1st, 2009 :: 1:03:10 to 1:07:40
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1:03:06 to 1:03:26( Edit History Discussion )

Brad Sherman: precisely the kind of loans that the gentleman from alabama decried. and i await with interest what the vote i reserve the balance of my time. the chair: the gentleman from massachusetts reserves the balance of his time. the gentleman from georgia is recognized. mr. price: thank you, mr. chairman. we have no more speakers on this side so until the chairman

1:03:10 to 1:07:40( Edit History Discussion )
Speech By: Brad Sherman

1:03:27 to 1:03:47( Edit History Discussion )

Brad Sherman: is ready to close i'll reserve. the chair: the gentleman from georgia reserves the balance of his time. the gentleman from massachusetts. mr. frank: i yield four minutes to the gentleman from california, mr. sherman. the chair: the gentleman from california, mr. sherman, is recognized for four minutes. mr. sherman: this bill does three things. first, it requires the issuance of regulations defining excessive and reasonable

1:03:48 to 1:04:08( Edit History Discussion )

Brad Sherman: compensation and applies them only to those who are holding our capital. as the chairman pointed out, similar legislation is already law and was voted in favor of by the republicaleadership. the bill we passed in october of last year specifically required the treasury to issue standards of appropriate compensation. not for every company in

1:04:09 to 1:04:31( Edit History Discussion )

Brad Sherman: america but for those who are holding our money. clearly this new language will provide additional impetus for treasury to issue appropriate regulations. two other things the bill does. first it deals with excessive bonuses and the provision that

1:04:32 to 1:04:55( Edit History Discussion )

Brad Sherman: senator dodd is now famous for, having added it to the recovery legislation. as i think every member of this house knows, senator dodd had provision that he added and he was prevailed upon to cause his provision not to apply to

1:04:56 to 1:05:16( Edit History Discussion )

Brad Sherman: preexisting contracts. since then, those on the other aisle have done two things that strike me as inconsistent. they have denounced senator dodd's amendment and the philosophy behind it, and they have denounced the fact that it doesn't apply retro actively to eexisting contracts.

1:05:17 to 1:05:37( Edit History Discussion )

Brad Sherman: this is like announcing that you detest the taste of broccoli and complaining that you didn't get a double helping. it makes no sense except for those who simply want to find something to denounce. this bill eliminates the exception that senator dodd has

1:05:38 to 1:05:59( Edit History Discussion )

Brad Sherman: been so viciously criticized for by the other party. if you vote against this bill, then you are embracing the very exception that you have been vilifying. third, this bill has a disclosure provision. it says that companies that are holding our tarp money must

1:06:00 to 1:06:20( Edit History Discussion )

Brad Sherman: disclose how many of their employees are getting a total compensation package of ove $5 million. how many have a total compensation of over $3 million, over $1 million. why? because if the american people are putting up the money, they have a right to know.

1:06:21 to 1:06:41( Edit History Discussion )

Brad Sherman: now the self-styled defenders of capitalism say we've got to protect these companies from the influence of the taxpayer. what -- how is capitalism supposed to work? those who provide the captal and take the risk -- the capital and take the risk are

1:06:42 to 1:07:02( Edit History Discussion )

Brad Sherman: supposed to have some control. that's real taptalism. -- capitalism. the taxpayers are taking the risk, we hope to get our money back, but instead we're told we need a kind of cancerous capitalism a system that works like this. socialism for the risks,

1:07:03 to 1:07:25( Edit History Discussion )

Brad Sherman: capitalism for the rewards. i don't think adam smith would have voted for the tarp bill. the gentleman from alabama did. i voted against it. but i do think that economist adam smith, not our colleague from washington, would have -- would vote yes on this bill because those who provide the

1:07:26 to 1:07:40( Edit History Discussion )

Brad Sherman: capital should control or have least some control of the enterprise. and that includes some control over compensation. to say instead that they should take our money but not listen