Hon. Michael G. Oxley: “Mr. Speaker, having just seen this document, the motion to instruct, I would have to say to my friend, the gentleman…”

“Mr. Speaker, having just seen this document, the motion to instruct, I would have to say to my friend, the gentleman from Michigan, that most of the issues that he talks about in his motion I have a great deal of empathy for. Certainly the issue over document destruction, of whistleblower protections, and the like, are all part and parcel of what ultimately I think this legislation needs to look at. I have some concerns, as the gentleman might expect, regarding the language of the extension of the statute of limitations in regard to lawsuits. As the gentleman knows, back in 1995, Congress, on a bipartisan basis, passed the Securities Litigation Reform Act. That was vetoed by then-President Clinton and was the only veto ultimately overridden. So, in fact, the House and the Senate spoke very loudly in 1995 on that issue. It is also true that Chairman Greenspan, when asked in the Senate yesterday, when he testified as to whether he saw any need to change the existing statute in regard to securities litigation reform, answered in the negative.”