Pete Sessions: “I would ask the Members to give due consideration to supporting this bill. The bill before us today presents an…”

“I would ask the Members to give due consideration to supporting this bill. The bill before us today presents an opportunity to restore confidence and integrity to our markets and right the wrongs demonstrated by the dramatic failure of Enron and Global Crossing. Unfortunately, the Rules Committee has seen fit to close off debate on most of the critical issues that plague our capital markets. This House should have the opportunity to consider and debate thoughtfully proposals to strengthen H.R. 3763, the so-called Corporate and Auditing Accountability, Responsibility, and Transparency Act of 2002. This bill claims to address many of the financial disclosure and accounting issues raised by the collapse of Enron. Unfortunately, the kinds of financial abuses that led to this unprecedented debacle will not be stopped--or even very much impeded--by this Republican bill. It is cosmetic and simply pretends to bring about reform.”