[Congressional Record Volume 155, Number 47 (Wednesday, March 18, 2009)]
[Extensions of Remarks]
[Pages E701-E702]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                   INTRODUCTION OF THE TAKE BACK ACT

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                            HON. GWEN MOORE

                              of wisconsin

                    in the house of representatives

                       Wednesday, March 18, 2009

  Ms. MOORE of Wisconsin. Madam Speaker, my constituents have been 
rightfully outraged to hear that the very unit at AIG that was at the 
center of that company's failure is being showered with $165 million in 
bonuses, with some individual bonuses to executives there being upwards 
of $1 million. Considering that the taxpayers have made a commitment of 
significant funds to AIG as part of the federal government's efforts to 
rescue credit markets, extravagant bonuses to these individuals are 
simply unconscionable.
  This afternoon I am introducing The AIG Key Executives Bonus 
Accountability and Capture Act (TAKE BACK Act) that will tax 100 
percent of the bonuses paid out to AIG executives. The tax, which would 
apply to bonuses paid by TARP money, is being introduced in an effort 
to ensure taxpayers' dollars are not utilized to fund enormous bonuses 
paid to companies that receive TARP funding.
  The fact that some on Wall Street have sought to exploit the public 
tax dollars is not only outrageous but is an egregious violation of the 
public's trust. If the leadership of companies that receive TARP funds 
are determined to waste taxpayer dollars on extravagant bonuses then I 
believe we as taxpayers--who significantly subsidize these same 
companies--have the right to recoup those funds.
  Under the TAKE BACK Act, any entity that received assistance under 
the Emergency Economic Stabilization Act of 2008 would find its bonuses 
subject to a tax rate of 100 percent.

[[Page E702]]

  There are so many people in my community who have lost their jobs and 
are facing extremely tough times. For taxpayer dollars to go towards 
bonuses for individuals who have played a key role in our economic 
downturn is simply unacceptable.

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