[Congressional Record Volume 141, Number 43 (Wednesday, March 8, 1995)]
[Daily Digest]
[Pages D310-D311]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]


                        House of Representatives


Chamber Action
Bills Introduced: 20 public bills, H.R. 1157-1176; 1 private bill, H.R. 
1177; and 3 resolutions, H.J. Res. 76-77 and H. Con. Res. 34 were 
introduced.
  Pages H2891-92
Reports Filed: Reports were filed as follows:
  H. Res. 108, providing for consideration of H.R. 956, to establish 
legal standards and procedures for product liability litigation (H. 
Rept. 104-69, filed on March 7);
  H.R. 1158, making emergency supplemental appropriations for 
additional disaster assistance and making rescissions for the fiscal 
year ending September 30, 1995 (H. Rept. 104-70);
  H.R. 1159, making supplemental appropriations and rescissions for the 
fiscal year ending September 30, 1995 (H. Rept. 104-71); and
  H. Res. 109, providing for further consideration of H.R. 956, to 
establish legal standards and procedures for product liability 
litigation (H. Rept. 104-72).
Pages H2813, H2872, H2891
Presidential Messages: Read the following messages from the President:
  Railroad safety: Message wherein he transmits the 1993 annual report 
on the administration of the Federal Railroad Safety Act of 1970--
referred to the Committee on Transportation and Infrastructure;
  Page H2817
  Trade policy: Message wherein he transmits the 1995 Trade Policy 
Agenda and 1994 Annual Report on the Trade Agreements Program--referred 
to the Committee on Ways and Means; and
  Page H2817
  Aging: Message wherein he transmits the Annual Report for 1994 of the 
Federal Council on the Aging--referred to the Committee on Economic and 
Educational Opportunities.
  Pages H2817-18
Federal Securities Litigation: By a recorded vote of 325 ayes to 99 
noes with 1 voting ``present'', Roll No. 216, the House passed H.R. 
1058, to reform Federal securities litigation.
  Pages H2818-64
  By a recorded vote of 172 ayes to 251 noes with 1 voting ``present'', 
Roll No. 215, rejected the Markey motion to recommit the bill to the 
Committee on Commerce with instructions to report it back forthwith 
containing amendments to replace the loser pay provisions and to permit 
States and localities to continue to sue under existing law for three 
years.
Pages H2861-63
Agreed To:
  The Eshoo amendment, as amended by the Cox of California substitute 
(substitute agreed to by a recorded vote of 252 ayes to 173 noes with 1 
voting ``present'', Roll No. 210), that modifies the definition of 
``recklessness'' by striking the exclusion of genuine forgetfulness and 
inserting language that provides instead that a situation in which an 
individual deliberately refrains from taking steps to discover whether 
one's statements are false or misleading constitutes recklessness, but 
if the failure to investigate was not deliberate, such conduct shall 
not be considered to be reckless (agreed to by a division vote of 120 
ayes to 73 noes);
Pages H2818-26
  The Tauzin amendment that modifies the liability provisions 
concerning ``forward-looking statements'' to provide that an exemption 
from liability would also apply to estimates and descriptions of future 
events presented either in documents or made orally, and that persons 
providing such statements are not obligated to update them;
Pages H2840-46
  The Wyden amendment that codifies certain SEC financial fraud and 
disclosure requirements with respect to the auditing of publicly-traded 
companies.;
Pages H2846-48
Rejected:
  The Markey amendment that sought to exempt securities fraud cases 
involving the purchase or sale of derivative instruments (rejected by a 
recorded vote of 162 ayes to 261 noes with 1 voting ``present'', Roll 
No. 211);
Pages H2826-31
  The Dingell amendment that sought to permit State and local 
governments to continue filing securities fraud lawsuits under existing 
laws for three years after enactment (rejected by a recorded vote of 
179 ayes to 248 noes with 1 voting ``present'', Roll No. 212);
Pages H2831-40
  The Bryant of Texas amendment that sought to strike language in the 
provisions for prevention of [[Page D311]] ``fishing expedition'' 
lawsuits that require the claimant to specify in his initial complaint 
each statement or omission alleged to be misleading and establish a 
summary procedure for dismissing flawed pleadings and granting stays of 
discovery in the interim (rejected by a recorded vote of 168 ayes to 
255 noes with 1 voting ``present'', Roll No. 213); and
Pages H2848-52
  The Manton amendment that sought to replace the ``loser pays'' 
requirements with provisions that would require the attorney for the 
losing party to pay the legal costs and other expenses of the 
prevailing party if the court determines that the losing party's case 
was brought for an improper purpose, is unwarranted, or lacks 
evidentiary support, unless the court determines the losing party was 
principally responsible (rejected by a recorded vote of 167 ayes to 254 
noes with 1 voting ``present'', Roll No. 214).
Pages H2852-58
  The Clerk was authorized to make technical corrections and conforming 
changes in the engrossment of the bill.
Page H2864
Committees To Sit: The following committees and their subcommittees 
received permission to sit during proceedings of the House under the 5-
minute rule on Thursday, March 9: Committee on Banking and Financial 
Services, Commerce, Economic and Educational Opportunities, Government 
Reform and Oversight, International Relations, National Security, 
Resources, Science, Small Business, Transportation and Infrastructure, 
Veterans' Affairs, and Select Intelligence.
  Pages H2872-73
Product Liability Litigation Reform: House completed all general debate 
on H.R. 956, to establish legal standards and procedures for product 
liability litigation; but came to no resolution thereon. Consideration 
of amendments will begin on Thursday, March 9.
  Pages H2873-88
  H. Res. 108, the rule which provided for general debate on the bill, 
was agreed to earlier by a voice vote.
Pages H2864-72
Senate Messages: Message received from the Senate today appears on page 
H2813.
Amendments Ordered Printed: Amendments ordered printed pursuant to the 
rule appears on pages H2893-95.
Quorum Calls--Votes: Seven recorded votes developed during the 
proceedings of the House today and appear on pages H2826, H2830-31, 
H2839-40, H2851-52, H2858, H2863, and H2863-64. There were no quorum 
calls.
Adjournment: Met at 11 a.m. and adjourned at 11:05 p.m.