Political Quotes

“There is no evidence of abuse by the mayors and Government Finance Officers of the cities, States and counties. It is also a fact their behavior has been exemplary. It is also a fact that they are engaged in litigation to protect their taxpayers against wrongdoing done not only to the cities, States, and counties, but also to the taxpayers thereof. On behalf of the United States Conference of Mayors, I would like to raise some serious concerns regarding H.R. 1058--formally title II of H.R. 10, the Common Sense Legal Reforms Act. Local governments participate in the securities markets both as investors of pension funds and temporary cash balances as well as issuers of municipal debt. Therefore, we have an interest both in preserving well-established and vital investor rights and protecting ourselves from unwarranted and expensive litigation. While we recognize the goal of H.R. 1058 to curtail 'frivolous' private securities actions under the federal securities law, we believe that the intended reforms may severely limit justified litigation, lesson deterrence to securities fraud, and waken existing legal standards.”