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Congress: We Can't Afford Another Enron

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Dear (recipient name),

Tomorrow, on Tuesday June 26th, the House Financial Services Committee will hold an oversight hearing on the Securities and Exchange Commission (SEC).  For the first time in decades, the Chairman and all five members of the SEC will be present.  Please urge your colleagues on this Committee to ensure that Chairman Christopher Cox and all the members of the Commission are fulfilling their mission to protect investors.

We must not forget that just over 5 years ago the “accounting failures” at Enron, WorldCom, Adelphia and others cost the United States over $5 trillion in market value – or roughly $60,000 per household.

Recently, the Chamber of Commerce launched a campaign to relax important protections put into place following the Enron and WorldCom debacles, and make it harder for defrauded investors to hold greedy CEOs and corporations accountable for losses suffered as a result of fraud and deceit.

Protections like the Sarbanes-Oxley Act, which require CEOs to certify that the financial information they distribute are honest representations of the financial health of their companies,  ensure that companies are held accountable for their actions.

The Chamber of Commerce claims that these protections are harming the competitiveness of American markets, causing us to lose business to foreign markets.  In truth, this is flat out wrong – American markets remain the strongest in the world, in large part because of these important safeguards.

I urge you protect the investments of hardworking Americans and prevent future “Enrons” by urging your colleagues to ensure that the SEC fulfills its mission.

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