Ron Wyden: “We essentially say that State contract law will govern in these jurisdictions. The Senator from Massachusetts believes…”

“We essentially say that State contract law will govern in these jurisdictions. The Senator from Massachusetts believes in a variety of instances that there should be other remedies. He is creating other remedies during this 36-month period where we are trying to present frivolous lawsuits. The key principle here and what is now being debated is that under what Senator McCain, Senator Bennett and Senator Dodd, the leader on our side on the Y2K issue, have said, we are going to protect State contract law with respect to economic losses. But we don't feel it is appropriate to try to create new remedies at this time when we are trying to prevent these frivolous lawsuits. I hope our colleagues will see that on this point of economic loss, State contract law is fully protected.”