To view the video of Rep. Burgess' 1-minute speech, click here.

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.