Political Quotes

“back in 1995 the Committee on Commerce developed and this Congress passed and approved over a presidential veto the Private Securities Litigation Reform Act which put strict limits on Federal investor class action lawsuits. At the time we were being told by our friends who argued in favor of that that these victims would still have State redress. They could go to the State courts. Well, here we go again. From on high in Washington, D.C., dictating back to the States, ``You can't do this.'' I did not dream that my Republican colleagues would ever want to start telling the State courts what they could and could not do. My question is, what next do we tell them? That you cannot hear tobacco suits? That you cannot hear real estate suits? This comes at a time when an increased number of unsophisticated investors are getting into the stock market. An increased number of unsophisticated investors are getting into all marketplaces. We fear that these unsophisticated investors, many of them our constituents, might be victimized and not have redress at the Federal level and now being told by this Congress they would not have redress at the State level. Now, there appears to be no explosion of State securities class actions. I do not see any need for this bill. I would point to last year when there were only 44 cases throughout this entire Nation, the lowest number in 5 years.…”