House Proceeding 04-01-09 on Apr 1st, 2009 :: 2:53:15 to 2:55:10
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2:53:11 to 2:53:32( Edit History Discussion )

Barney Frank: a.i.g. -- but this bill applies to all these financial institutions. the chair: the gentleman's time has expired. mr. bachus: and i believe this is a sweeping definition of compensation. has expired. the gentleman has used four minutes of his five minutes. the gentlelady from pennsylvania. has 1 1/2 minutes remain mrs. dahlkemper: i think this

2:53:15 to 2:55:10( Edit History Discussion )
Speech By: Barney Frank

2:53:33 to 2:53:53( Edit History Discussion )

Barney Frank: that is basically closing loopholes. i urge a yes vote on this. mr. frank: will the gentlewoman yield? mrs. dahlkemper: i yield. mr. frank: let me respond to the gentleman from alabama, it closes loopholes. we have cases where executives after retirement get the use of airplanes, get the use of other things and it is true there's only been executives. we have no contempature

2:53:54 to 2:54:14( Edit History Discussion )

Barney Frank: plailings that anybody would use -- contemplation that anybody would use this for lower level, average employees. but if you limit it to five executives, 10 executives in some of these large companies, yes, you do invite problems. and it would be a very easy thing to do to say, ok, we're only going to give this to you now but once you retire we'll give you all the extra money we couldn't give you in the first

2:54:15 to 2:54:35( Edit History Discussion )

Barney Frank: place. outside retirement packages to a handful of favorite employees have been much part of the problem. mr. bachus: will the gentleman yield? mr. frank: i yield. it's the gentlewoman from pennsylvania's time. mrs. dahlkemper: i yield. mr. bachus: what if an employee upon his retirement is given stock in the company and 10 years after his retirement -- mr. frank: i ask the gentleman

2:54:36 to 2:54:57( Edit History Discussion )

Barney Frank: to give me back my time. stock of that sort would not count. if it is stock that goes up in time, that is not a problem. mr. bachus: what if it -- mr. frank: stock that is regular stock and it goes up that's no the chair: the gentlelady from pennsylvania controls the time.

2:54:58 to 2:55:10( Edit History Discussion )

Barney Frank: mrs. dahlkemper: i yield. the chair: the g pennsylvania controls the time. mrs. dahlkemper: i reserve my time. mr. frank: will the gentlelady yield? mrs. dahlkemper: i yield.