Political Quotes

“The problem has been, as you start trying to codify, we--I will take a look at what the Senator has. I haven't seen it. The suggestion has been made--what I was trying to respond to, prior to rising here, was that the suggestion was made that somehow this piece of legislation and '95 Act had undone the standard of recklessness that had been used. We made it quite clear--at least I thought we did--in 1995 that we were not altering the standard. Certainly the SEC believes that was what we intend. This legislative history and this debate on today's bill makes it clear it was not the intent. What I objected to was the suggestion that somehow we had changed the scienter standard. We had not done that. And the letter from the three members of the Securities and Exchange Commission, I think, reinforces the point--not whether or not you add something in the statement of facts or whether or not you have it in the legislative history where I believe it is most appropriate--about addressing the underlying concern and issue. And that is whether or not this legislation in any way, or the 1995 Reform Act in any way, tried to fool around with the standard of recklessness. We didn't then, and we aren't now. So what I am saying here today, what the chairman of the committee has said, and others, this is raising a red herring. It doesn't exist.…”