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Taxing Executive Bonuses Paid by Companies Receiving TARP Assistance

Floor Speech

Date: March 19, 2009
Location: Washington, DC
Issues: Finance and Banking


TAXING EXECUTIVE BONUSES PAID BY COMPANIES RECEIVING TARP ASSISTANCE -- (House of Representatives - March 19, 2009)

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Mr. PETERS. Mr. Speaker, today I rise in support of H.R. 1586, legislation that I helped craft that will reclaim outrageous bonuses paid with our taxpayer dollars that were given out to AIG and other companies that received billions in TARP funds. Million-dollar bonuses to the very people who drove our economy to the brink of collapse is simply unacceptable.

When reports of AIG bonuses broke this week, many said there was nothing that we could do because AIG was contractually obligated to pay the rewards. I rejected that notion. Auto industry workers are renegotiating their contracts and making sacrifices as a condition of receiving Federal support.

If financial executives had thought that they should be held to a different standard, today they know that we mean business.

I am grateful to my colleagues who worked with me to quickly develop a plan to put a stop to these outrageous bonuses.

I would like to thank Chairman Rangel, Congressman Israel, and Congresswoman Maloney for working with me to help write this bill, which turned the outrage of the American people into action for the American taxpayer.

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