Joe Biden: “I opposed the 1995 Securities Litigation Act for several reasons--including the precedent-setting changes to this…”

“I opposed the 1995 Securities Litigation Act for several reasons--including the precedent-setting changes to this country's judicial system without the input of the Judiciary Committee. I support the Sarbanes amendment for similar reasons--relating both to procedure, and to substance. In the past, bills that made changes to the rules that govern citizen's access to State courts were referred to the Judiciary Committee, to enable the committee with expertise to review and work on the legislation. While my colleagues on the Banking Committee had the opportunity to examine the specific, substantive changes this bill would make to our Nation's securities laws, it seems to me that we have once again skipped a very important step in the process. The securities litigation bill we are considering on the floor today pre-empts State court statutes of limitations in securities fraud cases--and yet again the Judiciary Committee was not given the opportunity to examine the issue.”