CPAs on Capitol Hill: a behind-the-scenes look at the passage of securities litigation reform.

Summary

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Successful lobbying efforts by the accounting profession including forming a broader coalition with business resulted in a override of Pres Clinton's veto and the ultimate passage of the Private Securities Litigation Reform Act of 1995. Accounting profession leaders used key relationships developed over the years to gain the bipartisan support needed to override a veto. Trade groups and high-tech companies were engaged in the process, and the continued commitment of the American Institute of Certified Public Accountants helped ensure passage.

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CPAs on Capitol Hill: a behind-the-scenes look at the passage of securities litigation reform.

Last December, the House and the Senate voted for the first time to override a veto by President Clinton and pass the Private Securities Litigation Reform Act of 1995. The margin of victory in the House--29 more votes than needed to override a presidential veto--combined with the 68-30 margin in the Senate, came after the President had vetoed the legislation at the 11th hour after indicating to Congress for months that he supported it.

Senator Christopher J. Dodd (D-Conn.), perhaps the bill's most active supporter in the Senate and chair of the Democratic National Committee, visi...

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