Jane Harman: “this is a bad rule for a good bill, a bill I will probably support. We have just concluded a frustrating debate on the…”

“this is a bad rule for a good bill, a bill I will probably support. We have just concluded a frustrating debate on the Legal Reform Act under a bad rule, and many ideas that could have perfected that bill could not be considered. I, for one, had hoped to change the fee shifting mechanism in that bill to make it identical to the fee shifting provisions in this bill. A bipartisan group wanted to make the change, but the inadequate time for debate elapsed before we could offer our substitute. Had the substitute been considered, I believe it would have passed, and this Member and many others would have supported that bill. H.R. 1058, to which this rule pertains, includes important and meritorious steps to reform securities litigations to reduce the costs and distractions of unwanted litigation. Several amendments to be offered by the gentlewoman from California [Ms. Eshoo] and the gentleman from California [Mr. Mineta] will further ensure that high technology companies, which are essential to U.S. competitiveness, are reasonably and properly protected by its provisions. In true bipartisan style, Mr. Speaker, I would like to commend the gentleman from California [Mr. Cox], my friend and colleague, for his leadership on this issue. He described himself yesterday as a recovering corporate attorney. Not only did he and I attend the same law school, but I suffer from the same affliction. I, too, am a recovering corporate attorney. Securities litigation needs reform.”