Gerry Studds: “Mr. Speaker, the gentleman is absolutely correct. This bill is absolutely without controversy and supported by the…”

“Mr. Speaker, the gentleman is absolutely correct. This bill is absolutely without controversy and supported by the administration, and as far as I know, by everyone in Alaska. We did it before, and we should do it again. Mr. Speaker, I rise in support of this legislation. H.R. 421 is virtually identical to a bill introduced by Chairman Young and passed by the House last Congress. Since the option to purchase stock is subject to approval of the native shareholders and is expressly limited to Cook Inlet Region, Inc., This bill is not controversial. The administration has no objection. In an effort to assure that the interests of the Native shareholders are protected, the Committee adopted an amendment offered by Representative George Miller which deleted immunity from liability for financial advisors involved in establishing the value of the stock. Mr. Speaker, I compliment the gentleman from Alaska for his legislation and ask that Members support the bill.”