Ron Wyden: “If the Senator will let me reclaim my time, I will read the precedence we are citing with respect to our opinion that…”

“If the Senator will let me reclaim my time, I will read the precedence we are citing with respect to our opinion that our bill covers economic losses in line with State law and common law. Let me read to the Senator the precedent: The prevailing common law rule is that ``recovery of intangible economic losses is normally determined by contract law.'' That is Prosser, 1984. Accordingly, the courts have essentially allowed plaintiffs to address these matters in State contract law by Clark v. Int'l Harvester Company, Chrysler v. Taylor, Inglis v. American Motor Company. Our position is that the economic loss rule in our bill is merely an explicit recognition of this sensible principle, which is in line with the legal precedence I cited, and also Prosser.”