Political Quotes

“I want to thank the gentlelady from California for all of her hard work. I rise to support H.R. 1564, which I cointroduced with my colleague, the gentleman from Virginia (Mr. Hurt). This bill will ensure we maintain strict auditing standards without imposing overly burdensome and ill-conceived rotation requirements on our public companies. I also want to point out the hard work the gentlelady from California put in with regards to the GAO study and why it is important so that we can continue to make sure that our markets are strong and sturdy; and that amendment, as she so indicated, is what enabled us to have a unanimous agreement coming out of our committee. It was us working together across the aisle to make sure that that happened. I think it was good for our markets. It helps to remove the uncertainty that the markets certainly would have right now had we not had this removed and had this study going forward. I think it's important for me to emphasize that this bill does not, first, weaken our auditing and accounting standards which were reinforced 10 years ago under the Sarbanes-Oxley Act, and that this bill does not weaken--nor do I want to weaken--or remove the regulatory powers of PCAOB, but we do want to remove the uncertainty. This bill does not, in any circumstance, provide an opportunity for more fraudulent accounting gimmicks.…”