Speaker Of The Pennsylvania House Of Representatives, John M. Perzel, Unveils Financial Security Package On The Floor Of The Philadelphia Stock Exchange

Newly elected Speaker of the Pennsylvania House of Representatives, John M. Perzel (R-Philadelphia), and members of the House Joint Finance and Judiciary Advisory Committee on Financial Security unveiled today a sweeping legislative package that will close loopholes that lead to corporate accounting fraud and financial scandals. The package introduction was held on the floor of the Philadelphia Stock Exchange.

Shown, from left, are PHLX Chairman and CEO, Meyer “Sandy” Frucher, and Rep.Perzel.

The bills were introduced in response to the recommendations of the Joint Committee, which was organized by Perzel after the enactment of the Sarbanes-Oxley Act of 2002, which addresses auditor independence, corporate responsibility, enhanced financial disclosure and conflicts of interest. The 16-member Advisory Committee was a bipartisan effort of the House Finance and Judiciary Committees.

The Advisory Committee reviewed current Pennsylvania laws and presented recommendations to the General Assembly to strengthen state securities and criminal law in light of the federal bill. Specifically, the committee reviewed the Pennsylvania Securities Act of 1972, the Crimes Code, the Judicial Code and the retirement codes. The committee also consulted with various state officials and experts in the subject matter. The report, introduced in February 2003, is composed of four parts that address flaws in the Securities Act and the various codes.

The Philadelphia Stock Exchange (PHLX) was founded in 1790. The PHLX trades more than 2,200 stocks, 1,016 listed equity options, 12 sectors index options and currency pairs. For more information about the PHLX and its products, visit www.phlx.com.