Maxwell Frost: “Mr. Speaker, I must rise in opposition to this rule. Legislation of this complexity and which may ultimately have an…”

“Mr. Speaker, I must rise in opposition to this rule. Legislation of this complexity and which may ultimately have an enormous impact on securities markets and investor transactions in this country deserves informed and considered debate. H.R. 1058 was not thoroughly examined in the Commerce Committee, and now, this rule does not give the House an opportunity to thoroughly consider this legislation. In fact, Mr. Speaker, there is ample proof that in the haste to send this legislation, along with the other pieces of H.R. 10, to the full House, a significant issue was left out, or perhaps forgotten. That issue, relating RICO to securities transactions only came to the attention of the Rules Committee yesterday afternoon--2 days after the original rule, H.R. 103, had been reported to the House. In order to provide for the consideration of the RICO issue, it was necessary for the Rules Committee to meet and report yet another rule on H.R. 1058. Yet, in spite of the fact that another issue was added to the debate on H.R. 1058, the Rules Committee did not see fit to allow the House any more time to debate these important issues through the amendment process. Mr. Speaker, House resolution limits consideration of all amendments to H.R. 1058 to 8 hours. That 8 hours includes time for voting--which, in effect, places strict limits on the consideration of amendments.”