[Congressional Record Volume 141, Number 193 (Wednesday, December 6, 1995)]
[Senate]
[Page S18105]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                  PRIVATE SECURITIES LITIGATION REFORM

 Mr. ROTH. Mr. President, complications in my schedule 
prevented me from casting a vote last night on the conference report to 
H.R. 1058, the Private Securities Litigation Reform Act of 1995. The 
report passed by a margin of 65 to 30.
  I rise today to indicate my full support for the conference report. 
This is important legislation, because it provides much-needed reform 
to the current rules governing private securities litigation, which 
have led to far too many abusive and costly strike lawsuits. Those 
suits hurt businesses by hampering the formation of capital and by 
impairing the orderly working of America's capital markets. This, in 
turn, hurts all Americans because it places a dangerous drag on the 
ability of American businesses to create jobs and prosperity. Yet in 
its scope and effect, the report is appropriately tailored. It 
addresses the harms caused by frivolous litigation without compromising 
the ability of plaintiffs who have meritorious claims to be made whole. 
Moreover, it does not alter the enforcement prerogatives of the 
Securities and Exchange Commission.
  Mr. President, I voted earlier this year in favor of S. 240, the 
quite similar securities reform bill that the Senate passed in June. 
Had my schedule permitted, I would have cast my vote last night in 
favor of the conference report on H.R. 1058. I would like to make it 
clear today that if President Clinton sees fit to veto the report--an 
ill-advised step I urge him not to take--I will wholeheartedly support 
this legislation again in order to override such a veto.

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