Wellstone Sets Pace, Declares Support for Action on Corporate Reform

WASHINGTON, Oct. 24 /U.S. Newswire/ -- Sen. Paul Wellstone of Minnesota today became the first Member of Congress to support a pledge to work for top to bottom reform of corporations and to provide new tools for federal regulators to protect taxpayers, consumers and investors.

The 12-point pledge is being circulated to all 535 members of the Senate and the House of Representatives by Ralph Nader in an effort to build momentum for major reforms in the wake of the corporate fraud exposed at Enron, WorldCom, Tyco, Adelphi, Arthur Andersen and many other businesses.

Nader commended Sen. Wellstone for endorsing the pledge and helping to launch a campaign that he predicted will "bring lasting reforms which will diminish or prevent corporate crime and restore more confidence and integrity to the economic system."

"It is fitting that Sen. Wellstone, who has been at the forefront of the battle against corporate crime, is the charter signer of the pledge," Nader said. "Sen. Wellstone will be in a position to convert the reform pledges into concrete legislative action when the 108th Congress convenes in January.

The pledge calls for (1) reining in excessive executive pay; (2) strengthening corporate governance; (3) repealing the Private Securities Litigation Reform Act of 1995; (4) banning corporate criminals from receiving government contracts; (5) strengthened reforms; (6) stopping corporate tax dodgers; (7) regulating derivatives; (8) ending conflicts of interest on Wall Street; (9) expanding disclosure; (10) tracking the extent and cost of corporate crime; (11) protecting financial consumers; and (12) fostering a national discussion and public inquiry on corporate power.

The full text of the Corporate Reform Survey can be found on the Democracy Rising webpage: http://www.democracyrising.org/survey.pdf

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Contact: Ralph Nader, 202-465-2764

10/24 09:35