Sean Patrick Maloney: “Today we will be enacting the Sarbanes-Oxley Act, a historic overhaul of financial services oversight. But I am saddened…”

“Today we will be enacting the Sarbanes-Oxley Act, a historic overhaul of financial services oversight. But I am saddened by the crisis that brought us here. Today my heart goes out to all the innocent workers who have lost their jobs and the investors whose pensions have been pillaged. Out of this calamity we have produced the strongest legislative reaction to a business scandal since Franklin Roosevelt was President. It is a triumph over incredibly powerful special interest lobbying and includes world-changing reforms for U.S. companies. I have high confidence in our free market system. We have been through other market declines, insider training scandals in the eighties, and the S&L crisis. Our system is the best at generating economic growth, jobs, and rewards initiative and innovation. The Sarbanes-Oxley bill is an important step toward restoring investor confidence and transparency in our system.”