Peter Deutsch: “I want to focus in on two issues that my colleagues raised. The first is that frivolous lawsuits have a cost. They have…”

“I want to focus in on two issues that my colleagues raised. The first is that frivolous lawsuits have a cost. They have a cost for all Americans. They have a cost in access to capital, they have a cost in lack of job creation. That is what this issue is really about. We have seen it, we have seen an actual cost. The strike lawsuits that still exist in this country that found a loophole that this legislation is trying to correct have a terrible effect on the country, and the only way to prevent it is through this legislation. The second thing I want to respond to is really some of the comments about the number of lawsuits, that it is a problem that does not exist. Let me be very clear about this, how you can use numbers and sort of play around with numbers. In 1992, there were only four State cases that were brought on this issue. In 1993 there was one. In 1994 there was one. After we passed the legislation, there were 59 in 1995. In 1996, there were 40. So, yes, there was a decrease between 1995 and 1996, but the only reason we saw a 6,000 percent increase over 1995 levels and 4,000 percent increase over 1995 levels was because of the loophole that this legislation needs to be able to solve. Mr. Speaker, I urge its support.”