[Congressional Record (Bound Edition), Volume 156 (2010), Part 4]
[House]
[Page 5837]
[From the U.S. Government Publishing Office, www.gpo.gov]




              RULEMAKING REGARDING HEALTH CARE LEGISLATION

  (Mr. BURGESS asked and was given permission to address the House for 
1 minute and to revise and extend his remarks.)
  Mr. BURGESS. Mr. Speaker, tomorrow we were to have a hearing in my 
Committee on Energy and Commerce about the companies in the United 
States that restated their earnings as a result of us passing the 
misguided health care bill last month. These companies were performing 
under requirements of the Securities and Exchange Commission and under 
the Federal Accounting Standards Board.
  Some of the restatement of earnings you see here on this poster, the 
chairman of the Committee on Energy and Commerce thought that these 
restatement of earnings were simply done to embarrass the President on 
the signing of the bill. In fact, this was a loophole that was closed 
by a Senator on Christmas Eve and the loophole was to undo the Federal 
Government and these companies partnering together in order to prevent 
retirees from losing prescription drug benefits. It was a win-win 
situation for the employer and for the retiree.
  Unfortunately, there are many things like this in this health care 
bill that are going to be coming forward. This hearing was canceled 
after it was pointed out to the chairman that in fact these companies 
were just simply restating earnings as they were required to do under 
the law. But many of the other provisions in this bill are going to be 
coming out over the next several months. We're just now entering into 
phase B, the rulemaking part, over at Health and Human Services.
  It behooves this Congress to exercise its oversight authority over 
the Department of Health and Human Services as these rules are written.

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