[Congressional Record Volume 155, Number 21 (Tuesday, February 3, 2009)]
[House]
[Page H881]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                         EXECUTIVE COMPENSATION

  (Mr. MOORE of Kansas asked and was given permission to address the 
House for 1 minute.)
  Mr. MOORE of Kansas. Madam Speaker, I rise today to express my 
frustration, and that of my constituents, over the irresponsible and 
reprehensible actions of some of those very financial services 
corporations that you and I and every American taxpayer have helped 
financially over the last few months.
  In October 2008 we heard about AIG's corporate retreat, complete with 
manicures and lavish meals. Last week we got news that Wall Street 
handed out $18 billion in bonuses. And just this weekend, Bank of 
America spent $800,000 on tents for their Super Bowl party.
  I could go on and on. The American people deserve better. We must 
demand better.
  That's why as chairman of the House Financial Services Oversight and 
Investigations Subcommittee, I will be demanding greater oversight and 
accountability for companies receiving taxpayer funds and working in a 
bipartisan way to develop a structure that will regulate and supervise 
financial institutions and transactions.
  I've also spoken to my distinguished colleague from Missouri, Senator 
Claire McCaskill, who filed the original bill in the Senate and who 
shares my frustration. She's been a strong advocate for greater 
accountability and transparency, and I am proud to join with her to 
promote legislation to help address these abuses by financial services 
corporations receiving TARP funds.
  Tomorrow I will introduce the Executive Pay Act, which would ensure 
that no employee of a financial institution or other entity that 
receives funds under TARP may receive annual compensation including 
bonuses and stock options in excess of that paid to the President of 
the United States.
  I think we need to move together here to restore the confidence of 
the American people in what we are trying to do to save our economy.

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