Bill Pascrell: “the other evening the President provided a policy speech on corporate accountability. In response to the President's…”

“the other evening the President provided a policy speech on corporate accountability. In response to the President's speech, business experts such as John Bogle, founder of Vanguard Group, stated that in terms of real substance of what will solve the problems, it does not get nearly as far as I would have hoped. I agree with Mr. Bogle, Mr. Speaker. While the President discusses transparency and required disclosures by corporate executives, his own Vice President refuses to disclose which energy moguls sat in the White House and put together our energy policy. None of us on either side of the aisle should be cavalier about these problems. These are systemic, serious problems. We are not talking about a few bad apples. When regulators refuse to do their job, the result is that the American people are injured. Just look at the situation with Enron and the Federal Energy Regulatory Commission. Members know Enron was manipulating the system. Lawmakers have been urging FERC to investigate market manipulation long before the Enron scandal broke. When FERC's chairman, Pat Wood, who was handpicked by Enron's Ken Lay, joined FERC last June, he said it was FERC's job to act like a vigilant market cop walking the beat. I would say the fox is guarding the hen house. These regulators ought to resign.”