Date: 2002-07-25
Speaker: MIKE ENZI (republican)
Chamber: S
State: Wyoming

and others all would agree. in any history written of the development of the bill. the role of a freshman Senator from the State of New Jersey named- JON CORZINE needs to be talked about. He played a very important role.- We would not be here without him. I tip my hat to him and to MIKE ENZI. the only Member of this Chamber who actually knew something at a practical level about what it was to be an accountant and what life was like in the trenches. * For the staff and others who worked on this legislation. this was not the most popular idea in the world. Had it not been for unfolding events. I am not sure we would have developed -that kind of support. I will love to one day tell my daughter. who is only an infant. that it was the power of our persuasion which convinced a majority here to go along. Not many understood the value. the substantive value. of this bill. MIKE ENzI did. a number of others did. there were many in the House who did. but an awful lot of people. even as late as a week ago. were suggesting maybe this bill was a bad idea. and that it would not go anywhere. and it shouldnt go anywhere. we ought to spend another couple of months thinking about it. Those notices were not a month old. or 2 months old. that was 5 -or 6 day ago. I understand it was the publics demand that we respond to this that had an awful lot to do with the support we garnered. That is all right. I never argue about how you get support around here as long as you get it in the end. We got it in the end. and that is the important news. The fact is. we are about to vote overwhelmingly to support a very critical piece of legislation. I am confident. as he has already indicated. that the President will sign this bill into law. We are already seeing markets respond. not entirely because of this. but certainly in no small measure because of the events that have unfolded and the parts Congress played. The chairman of the committee has talked about part of the bill. There are very important pieces. including the auditor independence. The board will be revolutionary in how it operates. Someone pointed out today. a lot of what the regulators do will determine the value of what we have written legislatively. I am confident that will be the case. Having FASB now be compensated for and paid for from public money and not relying on the largess and generosity of the accounting industry to receive compensation will make a significant difference" in establishing accounting rules -and procedures. Certainly having prohibitions against those going from the industry. working for the clients for whom they have done audits. will have a beneficial effect on slowing down this not only appearance of conflict. but certainly the conflicts of interest that have occurred too often. There are many other parts of the bill. including corporate penalties. that were crafted by our colleague from Vermont and other Members of the Judiciary Committee. that deserve a great deal of credit for their contribution to this process. The leadership. Senator DASCHLE. certainly for insisting we move as rapidly as we did to get the product done in committee and get it on the floor of the Senate. understanding how important this issue would be to the shareholder interests and pensioners and to others who depend upon a solid. strong economy for their wellbeing--certainly their contribution is extremely important as well. We have seen the economy begin to do a bit better. I dont think our work is done. despite the accomplishments in this legislation. My hope would be that before this Senate adjourns in a week and a half from now. we might deal with the pension issue. I dont know if that .will be possible. I know there are a lot of other issues that need to be considered. My hope is if we are not able to do that in the next week and a half. we will come back soon after we reconvene in September. I sit on the Health. Education. Labor. and Pensions Committee with the presiding officer who is interested in that committee. My hope is that we can deal with the pension reform matters that are necessary. as well. for adoption by this Congress before the 147th Congress adjourns. Again. I commend all those involved. I thank Alex Sternhill of my office. Steve Harris. Marty Gruenberg. all the Members who worked with the chairmans committee and the full committee of the Senate Banking Committee. and those on the minority side. as well. who played an extremely important role. While he disagreed with the final outcome of the bill. the Senator from Texas and I have had a great relationship over these many years we have served together. I have always enjoyed being on his side. He is a tough opponent. but when we worked together we have done some pretty good work around here and passed some pretty good bills. He is leaving and I believe the Senate will be less vibrant an institution because of his absence. It is important that this place be a place of ideas for debate to occur. and the Senator from Texas has always made that kind of contribution.