[Congressional Record (Bound Edition), Volume 155 (2009), Part 6]
[House]
[Pages 7625-7626]
[From the U.S. Government Publishing Office, www.gpo.gov]




                              H. RES. 251

  The SPEAKER pro tempore. Under a previous order of the House, the 
gentleman from Ohio (Mr. LaTourette) is recognized for 5 minutes.
  Mr. LaTOURETTE. Mr. Speaker, I rise today to share with you and 
Members of the House the introduction of a resolution of inquiry 
regarding the payment of executive bonuses to employees of American 
International Group, AIG. It is H. Res. 251.
  Mr. Speaker, my constituents and I, as well as many Americans across 
the country, are outraged at the unfurling of events surrounding this 
freewheeling company which helped to lead us into the financial 
disaster we now face.
  To make matters worse, we find out this week that the administration 
was

[[Page 7626]]

fully aware of the March 15 payment of $165 million in executive or 
retention bonuses for many months. Even more troubling is the fact that 
the one person who was in the dark about the pending bonuses, until 
last week no less, was our very own Secretary of the Treasury who was 
supposed to be masterminding our economic recovery and banking 
recovery.
  It is clear from the media reports that AIG did not award these 
bonuses as a snub to the administration, but instead waited until they 
had the blessing of the Secretary of Treasury, who apparently believes 
he did his due diligence by berating AIG and then saying that there was 
nothing that he could do to stop the bonuses.
  The fact that we are rewarding the very people who caused the largest 
corporate loss in history is astounding. Just recently, the Attorney 
General of New York has indicated that at least 73 AIG employees 
received bonuses in excess of more than $1 million, including nearly 
one dozen AIG employees who no longer work for the beleaguered firm.
  Mr. Speaker, there are millions of Americans who have lost their jobs 
during this economic crisis, and most did their jobs well with great 
purpose and performance. There are no bonuses for them. Instead, they 
risk losing their homes, health care, and more. Meanwhile, AIG 
employees who engaged in risky, perilous behavior that brought our 
economy to the brink of collapse are rewarded.
  There is a great deal of finger-pointing about how we got into this 
mess and what Congress and the administration is doing. Let me state 
just a few facts.
  Since the beginning of this Congress, which is about 2\1/2\ months 
old now, only eight bills have been signed into law; and this week is 
like many others in the House, virtually no substantive legislative 
activity. This House, within 8 days of one person being attacked in 
Connecticut by a chimpanzee, rushed through legislation to make it 
harder to own chimpanzees. Mr. Speaker, where are our priorities? Here 
we sit, wringing our hands over how to curb bailout abuses, and what 
have we done to date to show for it?
  Today, again, the House was deeply contemplating a series of 
noncontroversial bills under suspension, including two measures naming 
post offices, and approving a bill supporting Professional Social 
Worker Month. I like social workers, Mr. Speaker, but who in their 
right mind thinks that that should be a priority today or this week 
while the Nation is roiled in anger over these bonuses? We might as 
well tackle more chimp or monkey legislation.
  Mr. Speaker, based upon the Nation's unemployment rate, which hit a 
new high of 8.1 percent in February, that translates into 16 Americans 
losing their job every minute. Americans are struggling to keep their 
homes. Two hundred seventy-five thousand foreclosure filings were 
reported in January, with one home in every 440 receiving a foreclosure 
filing in February. This year, the stock market has plunged 1,750 
points and is at its lowest rate since 1997. Millions of Americans 
continue to lose their retirement security. To date, AIG has received 
$200 billion in taxpayers' funds to keep the company afloat and 
recently suffered the largest quarterly loss of any corporation in 
American history.
  Mr. Speaker, Americans are hurting. We cannot sit by and watch as AIG 
executives not only keep their jobs but are also rewarded for their 
actions.
  Further, the administration needs to come clean on its discussions 
with AIG and approving these bonuses. Therefore, today I have 
introduced a resolution requiring the Secretary of the Treasury to 
transmit to Congress all communications relating to AIG and its 
approval of these executive bonuses as well as the use of Federal 
infusion of taxpayer money. Americans deserve to know the full story, 
and this Congress must act to get it now.
  The excuses on television are, ``Well, these are contracts. We can't 
mess with contract law.'' Mr. Speaker, recently we have told the Big 
Three auto makers that if they want Federal Government assistance, they 
have to cram down the people that work in their auto factories. Those 
are contracts. Recently, the House has passed legislation on mortgage 
relief that says that even though a bank gave you $100,000 to buy a 
house, if you got that house under false circumstances, we have to cram 
down how much you owe the bank. That is certainly contract law as well.
  The notion that it is an excuse that somehow these contracts were 
entered into and we must honor them, and we have to pay $165 million to 
73 people, is an abomination. We need to stop it. And I am asking for 
every Member of this House to cosponsor the resolution.

                          ____________________