Political Quotes

“This editorial states, in part: House Republicans, Senate Democrats and the President have found something they can all support: a terrible package of bills that would undo essential investor protections, reduce market transparency and distort the efficient allocation of capital. Never mind that reams of Congressional testimony, market analysis and academic research have shown that regulation has not been an impediment to raising capital. In fact, too little regulation has been at the root of all of our recent bubbles and bursts--the dot-com crash, Enron, the mortgage meltdown. Those free-for-alls created jobs and then imploded, causing mass joblessness. The centerpiece of this bill would curb investor protections in the Sarbanes-Oxley law that require companies to meet specific disclosure, accounting and auditing standards before going public. The legislation is promoted as applying only to small companies, but the parameters would encompass all but the nation's biggest new companies. I have been down this path before. I have been in Congress long enough to remember some of these bubbles, remember the victims and the losers when it was all over, the exuberance of deregulation which led, sadly, in many instances, to an unregulated marketplace where greed triumphed. After each financial crisis, the savings and loan crisis, Enron, the housing and economic crash of 2008, this body has investigated and attempted to learn from the lessons of the past.…”