For Immediate Release: July 24, 2002

For More Information: Ed Mierzwinski, 202-546-9707

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

"U.S. PIRG cannot believe that the conferees have chosen to make deals behind closed doors. The only deal you should cut is to pass a strong bill that's a good deal for consumers and investors. The final bill should prevent cheating, punish criminals and protect small investors.

At a minimum, the final package should be the Senate-passed Sarbanes-Leahy bill. We can give the conference a passing grade if it rejects all the Oxley-Gramm/accounting industry weakening amendments. The Senate bill includes critical provisions that cannot be deleted or gutted. We should lengthen the statute of limitations to protect victims. We should protect corporate whistleblowers. We should make corporate boards and CEOs accountable.

Ideally, the conferees will strengthen the Senate-passed bill. That would be the best deal for consumers and small investors. We doubt they can do so behind closed doors, but here's what they should do:

We are pleased to join Reps. Gephardt and LaFalce today. We especially want to commend Mr. LaFalce for his longtime leadership on behalf of consumers. Thank you for the opportunity to be here today."

Consumer and Investor Report Card for Grading the Accounting and Corporate Reform Bill Conference Committee Report

U.S. PIRG is the national lobbying office for the State Public Interest Research Groups. State PIRGs are non-profit, non-partisan public interest advocacy groups. For a summary of all press statements and releases by public interest groups on accounting and corporate reform, see the state PIRG corporate reform pages at www.enronwatchdog.org/newsroom.

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