House Proceeding 04-01-09 on Apr 1st, 2009 :: 2:16:05 to 2:18:15
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2:16:05 to 2:16:25( Edit History Discussion )

Melissa L. Bean: the clerk: amendment number four printed in house report 111-71 offered by ms. bean of illinois. the chair: the gentlewoman from illinois, ms. bean, and a member opposed each will control five minutes. the chair recognizes the gentlewoman from illinois for five minutes. ms. bean: like many of our colleagues and constituents, we re outraged by bonuses to

2:16:05 to 2:18:15( Edit History Discussion )
Speech By: Melissa L. Bean

2:16:26 to 2:16:46( Edit History Discussion )

Melissa L. Bean: those who brought down a.i.g. and the economy with it. today's bill allows the secretary of treasury to disallow unreasonable bonuses to recipients of tarp. our colleagues recognize that some financial institutions who did participate in the tarp program did so because they were asked to by the treasury or

2:16:47 to 2:17:07( Edit History Discussion )

Melissa L. Bean: wanted to provide additional loans not because they needed it or had failed in their businesses. while they expected compensation limits for top executives, they did not expect to be disallowed to giving bonuses company-wide. the amendment allows them to be free once it returns the federal

2:17:08 to 2:17:29( Edit History Discussion )

Melissa L. Bean: investment back to the government. this carries the risk of unintended consequences that could harm the very taxpayers we seek to protect. first, if major financial institutions seek to exempt themselves by returning all the federal government's tarp investment at once, they may need to raise capital through a major selloff of he can its or other assets.

2:17:30 to 2:17:51( Edit History Discussion )

Melissa L. Bean: this kind of pressure on the market was a big contributor to the market crash last fall and we should seek to avoid turning back the clock. second, if they were to pay back too quickly, their financial well-being could be jeopardized. this is a commonsense approach to companies to adhere to a pay

2:17:52 to 2:18:12( Edit History Discussion )

Melissa L. Bean: back program. financial institutions have received an infusion. they have begun to pay back their tarp investments. forcing institutions to return the money at once could decrease lending significantly and further destabilize our economy and those companies who do not

2:18:13 to 2:18:15( Edit History Discussion )

Melissa L. Bean: agree would be subject to bonus