[Congressional Record Volume 146, Number 131 (Wednesday, October 18, 2000)]
[House]
[Page H10225]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




  SECURITIES AND EXCHANGE COMMISSION PROPOSED RULE FOR AUDITING FIRMS

  The SPEAKER pro tempore. Under a previous order of the House, the 
gentleman from Connecticut (Mr. Shays) is recognized for 5 minutes.
  Mr. SHAYS. Mr. Speaker, I rise to speak about the rule proposed by 
the Securities and Exchange Commission, SEC, that would affect the 
consulting affiliates of auditing firms.
  The proposed rule was brought to my attention over a month ago by 
constituents concerned about its effect on large accounting firms who 
also perform consulting services for their clients.
  In response to the concerns raised by some of my constituents, I 
wrote to SEC Chairman Arthur Levitt and asked that the comment period 
on the rule be extended past its September 25 deadline and that the 
rule be modified to address the concerns raised by members of the 
accounting industry.
  Under no circumstance was it my desire or intention to delay the 
ultimate decision to next year and a new commission. I particularly 
want to go on record as opposing any attempt to require a delay through 
legislative means.
  I continue to believe all parties involved, including the accounting 
industry, should strive to reach a workable and mutually agreeable 
compromise before a final determination is made. It is my hope as the 
SEC moves forward with this rule they will remain open to the comments 
and concerns raised by the accounting industry and the challenges it 
faces.

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