Norman Mineta: “it is supported by the American Business Conference, the American Electronics Association, the Association of Publicly…”

“it is supported by the American Business Conference, the American Electronics Association, the Association of Publicly Traded Companies, the Business Roundtable, the National Association of Manufacturers, the National Venture Capital Association, and the American Institute of Certified Public Accountants. More importantly, Mr. Chairman, this approach has broad support among recipients of forward-looking information--the investment community. The California Public Employee Retirement System [CALPERS] stated ``We recommend that the existing safe harbor rule be amended to provide a safe harbor from private actions to any issuer who adequately couches its projections in cautionary language.'' This amendment is also consistent with the recent testimony of the executive director of the Council of Institutional Investors, representing hundreds of local, State, and labor pension funds. Finally, this amendment would not prevent the Securities and Exchange Commission from bringing an enforcement action against any person on the basis of a forward-looking statement. It would only curb ``fraud- by-hindsight'' alleged in private, speculative strike suits.”