Political Quotes

“I rise today to introduce the Private Securities Litigation Reform Act of 1994. I am joined by my colleague Senator Domenici who has worked closely with me in crafting this important initiative. Securities lawsuits brought by private individuals are critical to ensuring the integrity of our capital markets. As an important back-up to Government enforcement actions, these private actions help deter wrongdoing. When the system is working well, it helps to ensure that corporate officers, auditors, directors, lawyers and others properly perform their jobs. Private litigation is an indispensable tool with which defrauded investors can recover their losses without having to rely on Government action. By performing these functions, private lawsuits should promote investor confidence and capital formation. The success of the American securities markets is due to the fact that investors here and abroad trust our markets to be fundamentally clean and fair. That trust stems in part from the SEC's role and in part from defrauded investors' ability to take direct action. Private securities litigation has evolved over the years mainly as a result of court decisions rather than legislative action.”