'Do You Consider Yourself To Be Their Daddy': John Kennedy Grills SEC Chair On Approach To Companies

kenny is kennedy is recognized um thank you mr chairman uh mr chairman i read your editorial um in the wall street journal today about the holding foreign companies accountable act uh for what it's worth i agree with most of it um the the uh it's a damn good bill by the way if i may say so i i want to thank you for i think it helps us do our job both at the sec and at the public company accounting oversight board i i appreciate that i agree with you obviously um there's a there's a three-year implementation period as you know foreign companies including our friends in china have three years to comply the senate's passed a bill reducing that to two years um we're having a little trouble getting the house to take it up would you be willing to contribute your considerable efforts to encouraging how the house to take it up uh uh senator i've already had some discussions and expressed to some of the leadership over there that i support that okay um who um who pays corporate income taxes um senator it's the corporation that pays the taxes of course then ultimately the owners of those corporations are the shareholders corporations just is not a payor it's a tax collector isn't it um well i'm not uh here as an expert on the tax code i think the corporate um i think economists are generally in agreement that the corporation is not a payer it's a tax collector the uh the owners and the customers and the workers that uh chairman brown spoke so eloquently about actually pay the tax don't they well well again um i i never want to mince words but i think that the corporation of course is paying and then the shareholders uh have less netting don't the workers pay it too um i think that it's a cost of the of the corporation at like all costs of the corporation uh those costs compete with each other uh even the cost of the real estate do the workers pay it i'm just trying to i don't have much time sorry about that uh i'm not i'm i'm the workers pay individual income tax workers pay social security tax in the life i just want to be sure i understand your testimony mr chairman you're saying that the workers are not impacted at all by the corporate income tax oh that i'm sorry i i thought you were asking a different question all costs and company compete with each other whether it's the real estate costs or any other work are the workers impacted negatively by a corporate income tax real simple question no i understand it but i think it's best as the head of the sec to leave you you don't want debates about taxes to congress i really do think that that i understand why you don't want to answer it i get it [Music] look i don't mean any disrespect to you i followed your career you've had a quite a career in public service you've made a lot of money on wall street i respect that um i honor that but as to the to the people and the companies that you regulate as chairman of the sec do you consider yourself to be their daddy no no then why do you act like it i try to uh take the oath of office uh seriously that the sec is set up to promote investor protection and facilitate capital formation and that which is in the middle but why do you impose your personal preferences about cultural issues and social issues on companies and they're cut and therefore their their customers and their workers like like like climate change and the second amendment um i mean i'm sure you have you have personal feelings about abortion do you have plans to implement or or impose those values on companies so i want to thank you for the compliment you gave me and i followed your career and have the deepest respect for you too sir i think that i am not doing that i think what i've i've been trying to do is say if investors want information about climate risk and it looks like tens of trillions of dollars of assets under management of asking we at the sec have a role to put something out to notice and comment do the economic analysis and really see what investors are saying um it's really in that narrow set of chalk lines that we're we're operating thank you mr chairman thank you secretary senator tester from montana

Channel: Forbes Breaking News

Views: 737,242

Keywords: Sen. John Kennedy, Gary Gensler, Repubicans

Id: Y3AL5Okc6CQ

Length: 5min 33sec (333 seconds)

Published: Tue Sep 14 2021

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[u/clitcommander420666]

Definitely was making gensler feel uncomfortable lol

[u/pistol_grip_pump187]

Lol he sniffed pretty hard wonder if he swallowed that loogie

[u/OmegaDDoge]

Tax me daddy, american way

[u/Quentin_Brain]

It’s 5:33, don’t even click this bullshit

[u/failsafeuser]

a bit scary tbh, this Gensler-dude looks almost like an 👽

[u/kirtash93]

Is he an alien?

[u/SkullRunner]

You know know this guy has paid money to be called daddy...

[u/awezumsaws]

"Look me in the eye and tell me you don't think you're their daddy." ~ Sen John Kennedy