Hon. Michael G. Oxley: “Mr. Speaker, never in our wildest dreams could we imagine we would be on the floor today on a suspension calendar to…”

“Mr. Speaker, never in our wildest dreams could we imagine we would be on the floor today on a suspension calendar to pass H.R. 3005, the securities amendments of 1996. I want to pay tribute to the gentleman from Texas, Chairman Fields, for his great leadership, as well as the chairman of the full committee, the gentleman from Virginia, Mr. Bliley, along with our good friend, the gentleman from Massachusetts, Ed Markey, the ranking member of the subcommittee, and the ranking member, the gentleman from Michigan, Mr. Dingell, for their hard work, and also to Chairman Levitt for providing the kind of leadership at the SEC that we have come to expect from that fine gentleman. This bill is a product of the work that all of the aforementioned gentlemen put in on this very important bill. Times are changing and the way Americans invest are changing. The laws regarding securities and mutual fund policies must change as well. According to the Fed, in 1980 the average American household had one-third of its liquid assets in securities. By 1995 it had two-thirds of its liquid assets in securities. For once, Congress is taking positive action in the area of securities law and not reacting to a crisis or to a scandal. The bill is designated to promote capital formation, efficiency and competition, without compromising the integrity of our confidence in the financial marketplace.”