Washington, D.C. - Today, the House of Representatives overwhelmingly passed tough corporate reform legislation promoted by Democrats that creates a strong, independent oversight board and increases civil and criminal penalties on corporate wrongdoers. House Democratic Whip Nancy Pelosi (D-CA) issued the following statement today after the 412-3 vote to approve the House-Senate conference report on corporate reform:
This conference report is something we can all be proud of. I want to thank all my colleagues who made this happen, but primarily the two main forces behind it -- Congressman John LaFalce and Senator Paul Sarbanes.
The legislation the House approved today will go a long way toward restoring confidence in the financial markets. By also dramatically increasing civil and criminal penalties for those who break new and existing corporate laws, it sends the messages that we are finally serious about ending corporate wrongdoing.
I am so pleased that our Republican colleagues have had a change of heart, a political deathbed conversion, and decided at long last to support real reform.
But I hope that no one believes that this is over because there is much more to be done. We must strengthen our laws governing corporate pensions. Democrats have introduced substantive, serious pension reform that will give employees the same rights as executives.
We have the momentum to pass real pension reform. When this legislation comes
to the floor this fall, I hope the Republicans wave a white flag like they did
today and do right for the American people.
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