Hon. Michael G. Oxley: “I rise in support of the E-Sign conference report. This legislation is deceptively simple. It provides that anywhere in…”

“I rise in support of the E-Sign conference report. This legislation is deceptively simple. It provides that anywhere in law a written signature or paper record is required, that requirement can be satisfied by an electronic signature or electronic record. Other than repealing some of our law school educations, this legislation provides a real future for electronic commerce. Its application is clearly sweeping. It will promote legal certainty in all on-line transactions. In so doing, it will accelerate the growth of electronic commerce. E-Sign is a rare example of legislation in which Congress is being proactive rather than reactive. Because the access to financial information has improved dramatically, the Internet provides significant opportunities for more Americans to become directly involved in the capital markets. Be it trading stocks on-line, assembling a retirement portfolio or getting a mortgage on-line, E-Sign will allow consumers to do it faster, cheaper, and better. Today, millions of Americans trade securities and manage their investments on-line. The cost savings to investors are enormous.”