Diaz-Balart on House Floor Calls for Immediate Vote to Take Back AIG Bonuses

Diaz-Balart on House floor calls for immediate vote to take back AIG bonuses

Today on the floor of the House of Representatives, Congressman Lincoln Diaz-Balart (R-FL) made a motion for the House to immediately consider H.R. 1577, legislation to recoup the unconscionable AIG bonuses recently made to that company's executives with taxpayer-provided funds. The motion was voted down by 221 to 182, even though 8 Democrats joined all 174 of the House's voting Republicans in supporting the Diaz-Balart motion.

The legislation Diaz-Balart sought to have the House consider today would require that the Department of the Treasury implement a plan, within two weeks, to recoup the AIG bonuses. AIG would be forbidden from receiving further federal assistance until AIG executives surrender their bonuses. In order prevent another bonus fiasco, the legislation would require any institution that receives TARP funding to submit bonus plans or contracts for bonuses to the Department of Treasury for prior, written approval.

"It is sad that the House Democratic leadership today refused to listen to the American people regarding the bailout-mania and the unconscionable bonuses that have been allowed by the Democratic-controlled Congress and the Obama administration," stated Congressman Diaz-Balart.

Below please find today's remarks on the floor by Congressman Diaz-Balart:

"At a time when the federal government is propping up AIG with over $170 billion in taxpayer funds, it is unconscionable that AIG is giving its executives bonuses, some of which are over $1 million. That is why today I will be asking for a "no" vote on the previous question. We can amend this rule and allow the House to consider H.R. 1577, a bill by my colleagues Representatives Paulsen and Lance.

This bill will require that the Treasury department implement a plan within the next two weeks to recoup the AIG bonuses. And in order to prevent another "bonus controversy," the bill will require that any future bonus payments from TARP funds be approved by the Treasury department in writing, including any contractual bonus obligations.

Americans are rightly upset over the use of taxpayer funds to give executives million dollar bonuses. They expect the Administration will keep a watchful eye on the proper use of bailout funds. Just two weeks ago, the President's spokesman said that they were confident that they knew how every dime was being spent at AIG. Well obviously, that doesn't seem to be the case and that is the reason that I am calling for members to vote NO on the previous question.

The Paulsen/Lance legislation is just another example of how we, the responsible and vigilant opposition, the Republicans, are working to provide transparency and oversight of taxpayer funds in the TARP program. We demand that the Administration provide proper accounting of TARP funds. Americans deserve to know how their tax dollars are being utilized. If members support transparency and oversight of taxpayer funds in the TARP program then they should vote no on the previous question.

Now our friends on the other side of the aisle say they have discovered the issue and they say they are calling a Rules meeting at 3 pm to deal with it. We do not know what they will bring forward, but we have brought forward legislation. Our colleagues have filed legislation to deal with this issue today. To require the Treasury department to recoup those unconscionable bonus within two weeks. And we should vote on it today. And so I urge my colleagues to vote "no" on the previous question to say: Enough is enough. Enough of the bailouts so that millionaires can become billionaires, and billionaires can give their cronies bonuses with taxpayer dollars. Enough is enough, and we can vote on it right now."

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