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Office of the Press Secretary

For Immediate Release December 22, 1995

Statement of the Press Secretary

The President is disappointed that the Congress has chosen to override the veto of H.R. 1058, the Private Securities Litigation Reform Act of 1995. As he said in his veto message, he supports the goals of securities litigation reform and believes that there should be an end to frivolous lawsuits, but is concerned about how this legislation might affect small investors with legitimate complaints. The President hopes that the unintended consequences of the legislation do not materialize, but if they do, he will work for administrative and/or legislative rememdies to protect small investors.