[Congressional Record Volume 141, Number 205 (Wednesday, December 20, 1995)]
[House]
[Page H15214]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




 PRESIDENT'S REASONS FOR VETOING OF SECURITIES LITIGATION REFORM BILL 
                               WERE WRONG

  (Mr. TAUZIN asked and was given permission to address the House for 1 
minute and to revise and extend his remarks.)
  Mr. TAUZIN. Mr. Speaker, just a couple of weeks ago this House, by a 
vote of 320 Members in support, nearly 100 Democrats joining 
Republicans, voted for landmark securities litigation reform, a bill to 
stop frivolous lawsuits that are driving up the cost of doing business 
in America unnecessarily.
  Yesterday, amazingly, the President vetoed that legislation. He did 
so in a veto message that is equally amazing. He did it with the 
following excuses:
  One, that the pleading requirements were too strong. The pleading 
requirements are simply what one alleges in a lawsuit. That is all one 
has to do is allege a proper cause of action. Second, he did not like 
the statement of the managers. Not the bill, the statement of the 
managers included with the bill. And, third, he did not like the notion 
that rule XI, the provision that gives the court the right to assess 
costs on a frivolous lawsuit lawyer, the plaintiff's lawyer, he thought 
that was too hard on the plaintiff, not hard enough on the defendant.
  Mr. President, it is plaintiffs who file frivolous lawsuits, not 
defendants. Those are not good reasons to veto this bill. Why did he do 
it? My conclusion. He wants this House and the Senate to take 
responsibility for making this good bill law. He wants us to override. 
We will have that chance today. Let us override the veto.

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