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Public Statements

Corporate and Financial Institution Compensation Fairness Act of 2009

By:
Date:
Location: Washington, DC


CORPORATE AND FINANCIAL INSTITUTION COMPENSATION FAIRNESS ACT OF 2009 -- (House of Representatives - July 31, 2009)

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Mr. ROSKAM. Mr. Speaker, I was minding my own business in my office, and I've been listening to this debate and felt like I needed to come and just point a couple of things out, some real weaknesses of this bill.

First of all, I'm hearing from manufacturers, Mr. Speaker, in my district who are particularly concerned about section 4 of the bill. They're making their concerns known through the National Association of Manufacturers, and they've said that they are concerned that this bill would give authority to government regulatory agencies to review and prohibit pay arrangements for a wide range of employees and, as a result, they strongly oppose the government intervention in the internal dynamics of companies.

Look, I'm the first to say that if you took bailout money, if you took TARP money, fine, be in this category, and those are entities that the taxpayers have a right and an expectation to regulate. But when we start to use ambiguous terms, terms that are not well-defined, with all due respect to the majority, ultimately, we're creating an environment where there's going to be more government intervention.

Why is it that the National Association of Manufacturers says, Don't do this to us? They're working hard to create jobs in this country and they haven't been able to do it, in part, because of bad policies that they've seen come out of Washington, D.C., Mr. Speaker. And we can do much, much more.

Look, in a nutshell, this bill is an invitation for political meddling at its worst in the private confines of companies that are trying to work hard to create jobs and to create opportunities. You can imagine a politician getting on the phone with the regulator and saying, You know what, I'm interested in you checking into that company because I don't like them and I don't like the way that they're doing business.

We can do better. Let's send this bill back to committee. Let's vote ``no.''

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