Congresswoman Nancy Pelosi

Pelosi: House Democrats Push for Vote This Week on Tough Corporate Responsibility Bill

July 23, 2002

Washington, D.C. -- House Democrats held a news conference this morning to announce they are launching a discharge petition to bring to the House floor this week legislation sponsored by Rep. John LaFalce (D-N.Y.), which closely tracks tough Senate legislation on corporate responsibility that was passed unanimously last week. The following is a statement from Democratic Whip Nancy Pelosi (D-CA):

"We have repeatedly requested that the Republican leadership bring to the House floor, before the August recess, the tough corporate responsibility bill that passed the Senate unanimously last week. Again today we renew our call to bring the bipartisan Senate bill to a vote in the House this week. It can be on the President's desk and be signed before Friday.

My colleague John LaFalce has proposed a similarly tough bill in the House, and this discharge petition we are launching today will demonstrate the strong Democratic support for a real reform bill. It would create a strong, independent board to oversee the auditing of public companies, would assure the independence of auditors by prohibiting them from consulting for their auditing clients, and would mandate comprehensive reform to protect investors.

People have lost their pensions, their retirement, the prospects for their children's education and their children's future. And what have the House Republicans done? In the name of corporate reform, they continue to pursue cosmetic, rather than real change.

We must restore confidence in the stock market, and protect investors and workers. The Senate bill is the absolute minimum needed to achieve the kind of reform that will do that. We cannot, and must not, allow House Republicans and their corporate friends to weaken our reform efforts."