President GW Bush Remarks on Class Action Reform
President George W Bush remarks on Class Action Reform at the Commerce Department.
February 9, 2005
RS 20 / X83 / Slugged: 1310 WH CLASS X83
Bush event, Class action reform, Commerce Department
13:29:22 Gutierrez introduced
13:29:31 Bush walks on stage
13:29:39 Bush, MS waves
13:30:08 Thank everyone for coming, bosses come over at the first week, honor to have Prez come over. Someone who's spent time in the business sector
13:30:29 this is the biggest issues facing our economy today.innovators, people trying to make an idea a reality.start becoming risk adverse b/c they think they will be sues
13:30:58 long decisions they've made the right decisions to pas over, first hand I know that this is happening today all over the country, straight to the heart
13:31:21 people who offer and the outcome is that pay increase in growth, so I'm very pleased to tackle head on..introduce to us our leader, pres of the US
13:31:55 MS Bush shakes sec hand
13:32:01 Bush: Carlos, thanks appreciate your service, thanks for agreeing
13:32:21 he's gong to be a great secretary..welcome
13:32:29 I appreciate my friend Hatch joining us, Hatch and Cornan from Texas are leaders in legal reform, congressman from VA with us as well
13:32:56 vital discussion about how to make US the bet place to do business
13:33:05 I want to thank the entrepreneurs, small business owners, people who care about legal reform, thank the panelists, discussion on why we need to do something about class action lawsuits..larger context
13:33:36 lawsuits, makes it difficult to capitol to flow, capital society take risks
13:33:51 better future, want people to support that future
13:34:00 I've called upon Congress in the administration to reform the asbestos litigation issue, media liability reform, cost effective to citizens
13:34:20 legal reform pat of larger agenda economy grow
13:34:29 the country created in Jan news jobs, all progress, support for Congress to keep progress going
13:34:44 legal reform part of strategy for growth, so is a disciplined
13:34:57 submitted budget earlier this week, lean effective and spend money to work..look forward to passing that
13:35:13 it is time for Congress to ..too long and I'm confident we can get it dome, Congress heard msg from people..work for conservation, reusable source of energy, promote clean and safe nuclear power, less dependant on foreign sources of energy
To stop the debate and get a bill to my desk to get the US people to respond
13:36:06 open up markets, enforcement mechanism of our trade laws
13:36:17 free trade agreements, like Australia and Singapore
13:36:56 taken on tough task for younger generations to come
13:37:04 some listening closely to debate.2 pts on social security
13:37:15 for those in DC who say no problem: look at facts, don't have enough people to pay into the system for baby boomers, more people receiving benefits over time, those will live longer
13:37:41 this say we've got a problem, a funding problem, fed government has to come up with the money, problem gets worse and worse in 13 yrs.system
13:38:37 longer wait harder to fix problem
13:38:50 if you are near retirement there is enough money, you're in good shape
13:39:01 that's not going to happen, don't care what mailing say you're in good shape, younger workers should be asking what are you going to do to find the problems
13:39:20 and I'm convinced by setting aside partisan politics
13:39:41 were her to talk about class action lawsuit abuse and we've got experts to understand lawsuits
13:39:58 Rep and dem members of the senate working on.call to them is to listen, abut to hear from you.
13:40:20 two people studied the issue, it is important for the country and economy to have a fair answer to this problem
13:40:36 problem is people file suits in a state courthouse, affecting people in other states, often people are unaware if they are getting drug into it
13:40:55 people the lawyers get a lot
13:41:00 so we work with congress to come up with a solution, and it says
13:41:08 my call to the senate is to get the bill done ASAP.and pass the bill on the floor without amendment, pass a clean bill, one that makes sense for American people
13:41:36 asked Walter Delenger to come, University, he was telling me today
13:41:56 I was raised in Texas and the fellow who lived across the street was the baby dr for my brothers
13:42:22 Dr: Mr President, the problem for the economy for 0 yrs, excessive litigation, it's a very large problem
13:42:48 have to get your arms around this problem, can predict what liability, less certainly in the legal system
13:43:07 consumers pay a higher price, priced too high, costs us jobs, no access to the products that they need.need a rule of law, particular problem
13:43:32 rises out of class action, are a valuable devise, need to hold people accountable when their negligence causes injury, need to compensate victims that
13:43:57 Class action started when were there were many people who had same small problem..
13:44:15 common questions of law, solve whole dispute in one action.
13:44:30 what happened is that these cases kept out to federal courts, even though have real nation implication, multi-state
13:44:52 most state courts run themselves well.few instances where these cases wind up
13:45:07 why do you need a national solution, answer is that all these cases will gravitate, will go where they know the problem is
13:45:27 these are cases, fed courts designed at const. convention
13:45:51 Bush: class action lawsuit, business in states, sued in other court?
13:47:01 understand why remedy is more fair to them, want
13:47:59 Dr: can make decisions, about how that can happen, fed courts more limited, smaller #'s, not one state make laws for the rest of the country.designed to make it
13:48:38 one of the things the framer did, sell products wouldn't get hometown justice
13:48:51 bush: reasonable proposal, why is this fair? Fair b/c
13:49:13 Dr: it allows cases to see under the standards we develop..get into fed court, harmful amendments, he def courts look sat multiple states and say can we fairly try this?
13:49:47 if not then single state, and Penn can't do it from multiple states id you can pick law in one state, or not.hear some telling examples of what's gone wrong when one state makes law for whole country
13:50:24 and we don't get to vote about what happens at other places, a modest measure, moves to the court, system of people getting fair, still class action, used
13:50:47 Bush: Mentioned that they are trying to amend the bill, some trying to weaken the bill, make it not affective, that's why I called for a clean bill. Confident senate will hear that call
13:51:13 move to the house, work together, this is a bill co-sponsors with Rep and Dem.
13:51:32 Commissar
13:51:40 Bush: unusual connection, seems as if you're involved with the law
13:51:51 yes indeed, my job, as state official, in my jurisdiction, to take those by insurance and they are worried about that.
13:52:11 Its difficult to do when too have jurisdiction and ruling that affect my people, one example in New Mexico for separate cases file.violation of fair dealing and charging a small fee for life insurance, policy
13:52:48 premium for that
13:52:56 charge made each of these cases the cost was too high but that the failure to state is a violation of fair game, now I know that the annual percentage rate, there's no loan here
13:53:23 Bush: settle for threat of loss, kinda like a lottery
13:53:41 commissioner: class members all over US, second one settled for 10 million dollars
13:53:59 Bush: slowly but surely filed
13:54:09 Commissioner: 100 off your life insurance you buy from that company, total payout is 40 million dollars and nothing gone to trial, that's the real evil
13:54:35 misleading
13:54:39 Bush: saying that he's doing his job and yet a lawsuit that affects people in DC affects people
13:54:55 commissioner: yes, case in LA Superior Ct,. claiming that company has too much reserves, should give back. What I do is that people who sell insurance have enough reserves
13:55:23 overturned by decision
13:55:30 Bush: Interesting situation, goes back to what Walter talked about.how a fair system ought to work. If I was out there, when the founding fathers talked about decision, we've also got with us Alita.
13:56:24 Got mom up here on stage.
13:56:30 Alita: Long Island, NY
13:56:39 Bush: not everyone know where Qamack is..of course I did.
13:56:51 Alita: First I never believe I would talk to you about my TV set.
13:57:09 Bush: prove that it actually happened
13:57:17 Alita: RCA, back in 1995, almost 2 months later the TV went out..it didn't work, black lines, and fuzz, called company and asked what went on
13:57:43 they said we had to call the cable company.the runaround, we ran a few miles
13:57:57 the company would not say yes, went back and for 2 yrs..progressive tv getting worse
13:58:11 now it's once every day, got to the pt that I said it is the TV
13:58:24 I said how can I get it repaired, and she said you didn't know about the warrantee on the internet, missed it b/c now we're in a lawsuit
13:58:49 got a notice, class action lawsuit, $50 off a brand new tv is participated, last thing I wanted to do was purchase this after it had been that to me
13:59:16 Bush: someone sent you a coupon saying you were part of the lawsuit, glad I wasn't
13:59:40 Alita: why would I want to, knew there was a problem.I was so angry,
14:00:23 Bush; a just society is one that she buys tv, warntee, protection should reward
14:00:39 Alita: consumer of product sent out an ID card
14:00:58 rebate to buy a new tv from them, well as I said Pres, I found out the lawyer who took the case, in Illinois
14:01:19 Bush: More lawsuits in Madison Country, Illinois, that any where else, people filing suits there all the time.
14:01:39 Alita: Lawyer got 22 million dollars, I'm still left with a broken tv, where is the justice in this?
14:02:03 Bush: we're all here b/c we want the system to be fair, economy depends on fair legal system, peoples faith in the system and what we're highlighting here is that the system isn't fair
14:02:32 fair solution that will treat people with respect, and hold people to account without affecting our capacity for our economy.fairness is all we ask for
14:02:55 justice need to be balanced, good people need t help balance those
14:03:04 good senators and congressmen to know that we seek balance
14:03:13 time for congress to do their duty to make our country as good and balanced
14:03:26 honored, that they would explain he need for this in our country
14:03:47 MS Bush shakes hands with panelists