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News Releases:

Mutual Fund Reform: Leading consumer and investor protection organizations including U.S. PIRG propose a blueprint for reform of the mutual fund industry, which has been wracked by recent scandals. See also the news release from Fund Democracy, Consumer Federation of America, Consumers Union, Consumer Action and U.S. PIRG. 11/25/03

Letter from PIRG and other leading consumer and investor groups urging support for Feinstein-Lugar amendment to the Agricultural Appropriations bill. The amendment would improve regulation of complex derivatives transactions (such as those used by Enron to manipulate California energy markets). Amendment was defeated 41-56 on the Senate floor on November 5, 2003. Pro-consumer vote is yea. 10/31/03

Letter from PIRG and other leading investor protection groups urging support for legislation by Senator Daniel Akaka (HI) to increase the transparency of mutual disclosures and enhance the independence of mutual fund oversight. 10/31/03

Leading consumer, investor groups including PIRG, Consumer Federation of America, Consumers Union and AARP urge House Financial Services Committee to reject proposed provisions of HR 2179 weakening state authority over securities law violations and preempting stronger state laws. 7/21/03

Letter to SEC (5 June) and news release (6 June) from U.S. PIRG, CFA, Consumers Union, Common Cause and Consumer Action urging SEC investigation because at least one of the remaining Big Four audit firms, Ernst and Young, is exploiting loopholes in the recently adopted auditor independence rules to systematically undermine the requirement that audit committees review and pre-approve any non-audit services to be provided by the company’s independent auditor.

PIRG, CFA, Consumer Action, Common Cause, Consumers Union urge SEC Chairman Donaldson to support proposal by Sens. Grassley (R-IA) and Baucus (D-MT) to reconsider weak rule implementing Sarbanes-Oxley law, which allows accountants to continue to offer controversial tax shelters despite revelations of new Enron report from Joint Tax Committee. 3/31/03

Consumer/investor groups praise proposal by Sens. Feinstein (D-CA) and Lugar (R-IN) to improve financial disclosures of energy derivatives trading and prevent fraud on the markets. Enron manipulated derivatives to rig California electricity markets. 2/7/03

Letter from PIRG and other investor watchdogs urging Senate to use SEC-Chairman-nominee Thomas Donaldson's confirmation hearing as an opportunity to probe his views on critical issues including raising SEC funding levels, broadening corporate disclosures to include environmental and social accounting, and strengthening auditor independence rules. 9/1/03

PIRG Sends SEC Chairman Harvey Pitt Letter Calling For Resignation 11/1/02

Letter from U.S. PIRG urging SEC Chairman Harvey Pitt to resign over Webster debacle. 11/1/02

The state PIRGs and other leading investor groups urge SEC's Pitt to ask accounting board nominee Webster to resign. Pitt criticized for failing to disclose knowledge of audit failure to other commissioners. 10/31/02

A Good First Step On A Long Road To Corporate Reform: Statement of U.S. PIRG Consumer Program Director Edmund Mierzwinski On August 14th Deadline For CEOs To Certify Books 8/13/02

News Release: Groups send SEC Chairman Pitt letter urging selection of investor watchdogs, not corporate lapdogs, to new accounting oversight board. There are 90 days (until the end of October) to appoint the five members of the accounting oversight board. At least three must be non-accountants. 8/12/02

Letter from leading consumer groups urging SEC to select tough, independent investor advocates to sit on new accounting industry oversight board mandated by new corporate reform law. 8/9/02

Statement of U.S. PIRG on signing of corporate reform legislation which paradoxically, represents both landmark reform and a first step toward reform. 7/30/02

Statement of Ed Mierzwinski, U.S. PIRG Consumer Program Director
Accounting and Corporate Reform Bill News Conference, Cannon House Office Building Terrace 7/24/02

Consumer and Investor Report Card for Grading the Accounting and Corporate Reform Bill Conference Committee Report 7/24/02

Public Interest Groups Condemn Industry-Friendly "Behind-Closed-Doors" Conference Committee On Accounting And Corporate Reform 7/22/02
Letter from public interest groups to conferees.

Sweeping Senate Corporate Reform Package Passes Overwhelmingly, But Opportunities Missed 7/15/02

Letter from leading consumer groups opposing Gramm amendment to weaken auditor independence rules. 7/11/02

State PIRG fact sheet summarizing positions for and against key amendments to the Sarbanes (D-MD) Accounting reform bill pending on the Senate floor. 7/11/02

Statement of Consumer Program Director Ed Mierzwinski: Grading The President's Speech On Corporate Governance Reform: Will The Bush Administration Support Efforts To Stop Corporate Crime, Or Just Talk About Tough Penalties For CEOs Who Get Caught? 7/9/02

Letter from Consumer Groups To All Senators Supporting Sarbanes Accounting Reform Bill and Suggesting Needed Strengthening Amendments 7/8/02

Accountants Overwhelmingly Control State Accounting Oversight Boards: Group Calls For "Post-Enron" Reforms 6/27/02

Letter to the Honorable Paul Sarbanes. Support Sarbanes Accounting Reform Bill And Oppose Weakening Amendments 6/10/02

U.S. PIRG Statement Before the New York State Board for Public Accountancy Hearing To Discuss Recent Proposals To Enhance Auditor Independence and Public Protection in the Wake of Enron 5/16/02

NYPIRG Statement Before The Office Of Professions State Board For Public Accountancy, Public Hearing On Certified Public Accountancy 5/16/02

CALPIRG: Enron Memos Confirm Energy Price Fixing 5/7/02

CALPIRG: Assembly Business and Professions Committee To Vote On Third Accounting Reform Bill 5/7/02

Letter to the House of Representatives. Corporate And Accounting Reform Bill (HR 3763): Without Changes, Bill Promises To Be Little More Than A "Ken Lay Protection Act" 4/23/02

Letter supporting S 2010, the Corporate and Criminal Fraud Accountability Act of 2002 introduced by Senator Pat Leahy (D-VT). This legislation would make it a felony to shred documents to cover up securities fraud, would protect whistleblowers and would extend the statute of limitations for victims to file securities fraud suits. 4/17/02

Consumer Groups: House Enron-Accounting Reform Bill Likely To Fall Short: House Financial Committee Expected To Finish Bill Tuesday 4/15/02

Full Senate Fails First Enron Reform Test, Rejects Feinstein Derivatives Amendment: House Financial Services Committee Next Test 4/10/02

Letter from consumer groups to House Financial Services Committee urging support of strongest possible accounting reforms. 4/10/02

Senate Failing Enron Reform Test: Delay On Feinstein Derivatives Amendment Shows Lack Of Will 3/20/02

Senate Vote on Enron Reform Possible On Tuesday: Opponents Of Feinstein Derivatives Amendment Spent More Than $48 Million In Lobbying/Contributions Since 2000 3/11/02

Letter Urging Support of Feinstein Amendment to Energy Bill: Requiring Greater Regulation of Derivatives in Wake of Enron Collapse 3/8/02

Phantom Fixes: Prominent Campaign Finance Reform Proposals Would Not Have Reduced Enron's Or Andersen's Political Spending 1/30/02

Click here for a complete list of reports.

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