Thomas Manton: “I rise in favor of the Eshoo amendment. At the outset, I want to commend my colleague, Ms. Eshoo, for offering this…”

“I rise in favor of the Eshoo amendment. At the outset, I want to commend my colleague, Ms. Eshoo, for offering this important amendment which would dramatically improve the bill's recklessness standard. As a representative who hails from New York City, the financial capital of the world and the headquarters of most of our Nation's securities accounting firms, I share my colleagues interest in passing securities litigation reform and easing capital formation for our local, regional, and national economies. However, as the representative of New York's Seventh Congressional District, I am also committed to protecting the people of Queens and the Bronx, who help keep New York City running by supplying the city's businesses with skilled labor. My district is also home to a large number of retired middle class workers. I want to state that I support a level playing field in securities litigation. I think clear rules will serve to define prohibited activities and eventually lead to better protection of all parties. We must resist the temptation to try to address the uncertainties of the securities market by presuming bad faith by either party in securities litigation cases. In that regard, I rise in support of Ms. Eshoo's amendment which would correct the bill's untenable standard for defining recklessness which would protect fraudulent conduct.”