John Sarbanes: “Much will be made during the debate on this bill of the support it is asserted it enjoys from the Securities and…”

“Much will be made during the debate on this bill of the support it is asserted it enjoys from the Securities and Exchange Commission. But it seems to me that citing the support of the SEC tells only part of the story--only part of the story. First, SEC Commissioner Norman Johnson has written to express his opposition to the bill. His March 24, 1998, letter concludes: I believe that much more conclusive evidence than currently exists should be required before state courthouse doors are closed to small investors through the preclusion of state class actions for securities fraud.”