E PL UR UM IB N U U S Congressional Record United States th of America PROCEEDINGS AND DEBATES OF THE 111 CONGRESS, FIRST SESSION Vol. 155 WASHINGTON, TUESDAY, OCTOBER 20, 2009 No. 152 House of Representatives The House met at 12:30 p.m. and was change legislation is so important to ergy bill will improve building codes by called to order by the Speaker. address for American business that 30 percent, establish new efficiency f they actually have withdrawn their standards for appliances and invest bil- membership or suspended their mem- MORNING-HOUR DEBATE lions of dollars in home weatherization bership from various committees in the and efficiency programs. As a result, The SPEAKER. Pursuant to the United States Chamber of Commerce consumers will see a reduction in their order of the House of January 6, 2009, to protest its policy of opposition to electric bills as they consume less elec- the Chair will now recognize Members this legislation. from lists submitted by the majority Now that the House has passed this tricity. According to the nonpartisan and minority leaders for morning-hour bill, the Senate too must act quickly American Council for an Energy-Effi- debate. to pass it so that the United States can cient Economy, those savings will av- f take its rightful place as a leading erage $750 per household when the bill voice in the effort to reduce greenhouse is fully implemented. ENERGY LEGISLATION: THE SEN- gas pollution. ATE MUST JOIN THE HOUSE IN Another common refrain from the op- Despite widespread business support ACTING SWIFTLY position is that a cap-and-trade system for the bill, some partisan interest The SPEAKER. The Chair recognizes groups vigorously opposed its passage, is new, complicated and unworkable. the gentleman from Virginia (Mr. and I applaud my colleagues, especially As my colleagues will recall, it was a CONNOLLY) for 5 minutes. those from the other side of the aisle cap-and-trade system that allowed us Mr. CONNOLLY of Virginia. Madam who had the courage to support it, for to successfully stop the expansion of Speaker, despite rabid partisanship, overcoming the shrill dissent of power- the ozone hole by reducing CFC pollu- this House of Representatives has suc- ful special interests. Because those tion, and we cut acid rain and smog cessfully pursued a productive legisla- same interest groups are preparing a pollution by reducing emissions from tive agenda this year. Among many im- campaign blitz focused on the U.S. Sen- coal-fired power plants with a cap-and- portant bills, such as the expansion of ate, it is an apt time to recall the dis- trade program in the 1990s. At the children’s health insurance and passage credited arguments that they will em- time, those same voices claiming that of economic recovery legislation, we ploy once again when attempting to de- this would kill the economy said the passed the American Clean Energy and feat this bill. Security Act just this past June. For example, the Republican leader- same thing. And yet in the 1990s, we This bill would reduce greenhouse ship claims this bill will cost the saw some of the most rapid expansion gas pollution, create market incentives American family $3,100 per year. Not of economic growth in U.S. history. for investment in clean energy jobs, in- true. The Republican leadership cited Madam Speaker, scientists are ob- vest in green job training for workers, an MIT study when first releasing that serving more rapid climate change create incentives for farmers to seques- cost estimate. In response, the MIT than their models anticipated. We do ter carbon, reduce our dependence on professor who wrote the study wrote not have the luxury of inaction or foreign oil, and protect trade-sensitive the minority leader here in the House delay. Moreover, the welfare of our industries from highly polluting for- pointing out that his figure vastly eign competition. overestimated costs by 1,000 percent. economy demands that America lead in According to prominent economists, Moreover, the Republicans ignore a the clean energy revolution. We cannot it would spur investments in tech- central feature of the bill to protect allow China, Spain and other nations nology that would further stimulate consumers. The American Clean En- to profit from the construction of wind the economy right now. ergy and Security Act distributes car- turbines, solar, advanced batteries and Since we passed this bill, a growing bon allowances to the companies or co- the like while Americans lose their number of businesses such as Apple operatives from which Americans buy jobs. Now is the time for the U.S. Sen- Computer, Exelon, Pacific Gas and electricity. And by law, the bill says ate to join us here in the House in pass- Electric, Johnson & Johnson, that they have to use those allowances ing a vibrant, clean energy bill to re- Timberland, Nike, Dominion Virginia to protect consumers from any price duce greenhouse gas emissions, jump- Power and so many others from diverse increases. sectors of the economy have called on Our Republican colleagues also ig- start our economy and lessen our reli- the United States Senate to act. Many nore the impact new efficiencies will ance on foreign oil. of these businesses believe climate have on electric bills. The House En- b This symbol represents the time of day during the House proceedings, e.g., b 1407 is 2:07 p.m. Matter set in this typeface indicates words inserted or appended, rather than spoken, by a Member of the House on the floor. H11463 . VerDate Nov 24 2008 03:13 Oct 21, 2009 Jkt 089060 PO 00000 Frm 00001 Fmt 7634 Sfmt 0634 E:\CR\FM\A20OC7.000 H20OCPT1 wwoods2 on DSK1DXX6B1PROD with HOUSE H11464 CONGRESSIONAL RECORD — HOUSE October 20, 2009 THE AIG BONUS DEBACLE: THE ury’s internal counsel, legal counsel, sinks and renewable resources demands HEADACHES KEEP COMING the amounts and timing of the AIG fi- that we reverse a global legacy of envi- The SPEAKER pro tempore (Ms. ED- nancial products retention award’’ ronmental pillaging. Illegal logging WARDS of Maryland). The Chair recog- plan. and resource extraction is not just nizes the gentleman from Florida (Mr. So even his legal counsel knew about about environmental decimation, with STEARNS) for 5 minutes. it. watershed pollution, biodiversity loss Mr. STEARNS. Madam Speaker, the Madam Speaker, everybody at the and increased carbon emissions, it’s Special Inspector General for the Trou- Federal Reserve knew about the AIG about the human loss as well: the local bled Asset Relief Program, Neil bonus issue, and officials at the Treas- communities left with a culture of vio- Barofsky, recently released an alarm- ury surely knew. Yet somehow, the lence and corruption devastated with- ing audit which revealed Secretary of head of our Treasury Department and out resources for survival, and beyond, the Treasury Tim Geithner’s complete former head of the New York Fed at to everybody on the planet. lack of oversight and total mismanage- the time of the AIG bailout, said he We all benefit from the medicines, ment of American International was completely in the dark. carbon capture and species diversity Group’s (AIG) distribution of millions Please, Mr. Secretary, just admit you these forests provide. For years, I’ve in bonus payments following the com- knew all the about the bonuses. worked to eliminate the illegal logging pany’s $180 billion taxpayer bailout. Mr. Barofsky’s audit concludes that trade. To make sure the United States Just think about this: U.S. taxpayers ‘‘This, coupled with Treasury’s subse- can lead by example and stop our own own 80 percent of AIG, and AIG is using quent limited communications with use of illegally logged lumber, I au- taxpayer money to pay themselves the Federal Reserve Board of New York thored the Legal Timber Protection huge bonuses. Let’s examine Mr. with respect to executive compensa- Act whose provisions were signed into Geithner’s role as Secretary of the tion, has meant that the Secretary of law last year. The U.S. Government is Treasury and his role with AIG. the Treasury invested $40 billion of now empowered to determine where Mr. Geithner, as we will recall, was taxpayers’ funds in AIG, designed imported wood and plants actually President of the Federal Reserve of AIG’s contractual executive compensa- come from to promote legal harvest. New York prior to becoming Secretary tion restrictions and helped manage Yet the illegal trade continues. of the Treasury in January of this the government’s majority stake in Last Thursday, with Chairmen year. Interestingly enough, on Sep- AIG for several months, all without PAYNE and FALEOMAVAEGA, I intro- tember 29, 2008, during Mr. Geithner’s having any detailed information about duced a resolution to condemn the ille- time as president, AIG officials briefed the scope of AIG’s very substantial, gal logging and extraction of a senior vice president at the New York and very controversial, executive com- Madagascar’s unique and invaluable Fed about the details of AIG’s deferred pensation obligations.’’ natural resources. Madagascar hosts compensation plan, bonuses, and reten- Please, Mr. Secretary. some of this planet’s greatest diver- tion payments for its Financial Prod- It should also be noted that former sity. Larger than the State of Cali- ucts group. AIG even e-mailed the New Secretary Paulson was also complicit fornia, this island nation broke off York Fed official copies of its com- in the AIG bonus mismanagement. It from the African mainland about 160 pensation plans. Mr. Geithner was was under Mr.