Hon. Michael G. Oxley: “Mr. Chairman, this manager's amendment clarifies the language in a few portions of the legislation to give greater…”

“Mr. Chairman, this manager's amendment clarifies the language in a few portions of the legislation to give greater effect to the committee's intent in reporting out H.R. 3763. The amendment clarifies that certain terms used in the bill are meant to be consistent with how those terms are used in the securities laws. It also removes some language that the committee had adopted which would have required self-regulatory organizations to undertake specific rule-makings. Because this is not standard practice under the securities laws, that language was deleted, with the consent of its original sponsor, the gentlewoman from New York (Mrs. Maloney). However, important provisions relating to the requirement that issuers may make public any waiver of their code of ethics was retained. The amendment also clarifies a section directing the GAO to conduct a study of investment banks. The original sponsor of the language, the gentleman from New York (Mr. LaFalce) agrees with these changes, which were designed to ensure that the GAO study is fair, impartial, and accurate. Lastly, the amendment specifies that certain provisions of the bill are not designed to apply to investment companies that are currently registered with the SEC.”