Bart Stupak: “there is anger and indignation all across this Nation about corporate shenanigans. This anger has manifested itself in a…”

“there is anger and indignation all across this Nation about corporate shenanigans. This anger has manifested itself in a wide range of legislative proposals. But let us remember, Mr. Speaker, that it was this very House that gave the green light to corporate executives to lie to their board and their stockholders. The Private Securities Litigation Reform Act of 1995 was part of the Contract With America. It was vetoed by President Clinton but was passed over that veto. Mr. Speaker, we turned these corporate carnivores loose by shredding the ability of shareholders to hold executives accountable for their misstatements and misdeeds. And we put the stake in the heart of shareholders' rights by passing the Securities Litigation Uniform Standards Act of 1998. This act threw all security fraud class action suits into Federal Court where they were subject to the terms of the PSLRA. Anything we try is a legislative Band-Aid until and unless we restore shareholder rights. Support the Shareholder and Employee Rights Restoration Act of 2002, which the Republican leadership refuses to allow to come to this floor.”