[Congressional Record Volume 154, Number 155 (Saturday, September 27, 2008)]
[Extensions of Remarks]
[Page E2083]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




       DEMANDING ACCOUNTABILITY IN THE FINANCIAL BAILOUT PACKAGE

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                         HON. MARK STEVEN KIRK

                              of illinois

                    in the house of representatives

                       Friday, September 26, 2008

  Mr. KIRK. Madam Speaker, in July we bailed out entities with well-
paid executives including Daniel Mudd, President and Chief Financial 
Officer at Fannie Mae ($11.5 million), and Richard Syron, Chairman and 
Chief Executive Officer at Freddie Mac ($18.3 million). Recent press 
reports show that a number of chairmen/CEOs were highly compensated 
before their companies began failing including Bear Stearns CEO, Alan 
Schwartz ($35 million), Lehman Brothers CEO Richard Fuld ($40 million) 
and AIG's Martin Sullivan ($47 million).
  Federal regulators rightly blocked planned golden parachutes for the 
failed leaders of Fannie Mae and Freddie Mac, we should now set that 
precedent into law--if you get a taxpayer bailout, you lose your job 
and your parachute.
  Today, I am introducing legislation that will ensure that no taxpayer 
dollars can be used for executive compensation or a golden parachute 
for any senior officer of a company that received credit or direct 
assistance bailout. My bill also grants Treasury Secretary Paulson the 
authority to terminate senior officers of any entity seeking a bailout 
from the taxpayer.
  Given the dire economic warnings, Democrats and Republicans must pull 
together to save jobs and strengthen the economy for working Americans. 
But this must be a bailout with consequences, including a prohibition 
on any taxpayer dollars used for senior officer salaries or golden 
parachutes and the termination of senior officers of companies 
receiving aid.

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