In less than 2 hours from now, at the direction of Senate Majority Leader Tom Daschle, the Senate will begin consideration of the Public Company Accounting Reform and Investor Protection Act of 2002.

This legislation was reported out of the Senate Banking, Housing, and Urban Affairs Committee on June 18 by a strong 17-4 bipartisan vote.

The legislation will strengthen corporate accountability and auditor integrity; address conflicts of interests by stock analysts; and protect employees, pension holders, and investors against fraud and deception; as well as adding a major increase in funds for the SEC to help police corporate malfeasance.

Our financial markets have been widely regarded as the fairest, most transparent, and most efficient in the world. But now it's becoming increasingly clear that something has gone seriously wrong. We are facing a crisis of confidence that is eroding the public's trust in our markets, and poses a real threat to our economic well-being.

The strain on the economy is deep and spreading. Hard-working American families have been hit hard by recent announcements of corporate irresponsibility. Jobs are eliminated - just last week WorldCom laid off 17,000 of its workers; pension funds suffer grave losses - CalPers, the California Public Employees' Retirement System, said its losses from the recent WorldCom disclosures total more than $580 million.

Other investors and shareholders are seeing their portfolios plummet and their retirement prospects decline. Corporate wrong-doing is being felt not just at the boardroom table, but at the kitchen table as well.

I heard the concerns of hard-working Maryland families on July 4th during my participation in one of the five parades I did that day. They urged that we take some action and we take action NOW - before their savings dwindle and there is nothing left for college education, or for taking care of elderly parents, or for paying medical bills.

We must pass strong legislation to end this financial irresponsibility and deception that is posing a real threat to our economic recovery and to the retirement security and investments of millions of working families.

Joining me here today are a group of economists, academics and business experts who have come to talk with you today about how these problems are impacting our faith and trust in our markets and our economy overall.

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