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C
ONGRESSMAN
S
HERMAN
R
EPORTS ON
C
ORPORATE
A
CCOUNTABILITY
As the only Certified Public Accountant on the Financial Services
Committee, Congressman Sherman has worked for years for
greater corporate accountability. In the wake of Enron and
WorldCom, he has redoubled his efforts.
Congressman Brad Sherman helped craft the Corporate and
Auditing Accountability Act which passed the Congress by an
overwhelming majority last month, and which will:
Prohibit loans by large publicly-traded corporations to
their CEOs and directors.
Create an independent regulatory board with sweeping
investigative and disciplinary powers over audit firms.
Partially control the conflicts of interest affecting stock
market analysts.
Provide some additional resources to the Securities and
Exchange Commission (SEC).
Substantially increase penalties for executives who defraud
shareholders and those who alter or destroy documents in
a criminal investigation.
Protect whistle-blowers from retaliation.
While this legislation is an important first step, Sherman has been
a chief proponent of tougher action. Sherman will continue to
work for legislation to:
Provide even more resources for the Securities and
Exchange Commission and require it to review the
financial statements filed by Americas largest public
corporations every year.
Help investors know which stock market analysts are
completely independentand whose employers do not
receive consulting or underwriting fees from the very
companies that they are evaluating.
Require a proper accounting for stock options.
Sherman has cosponsored the Employee Pension Freedom Act of
2002, to prohibit employers from requiring employee pension
accounts to be locked into the employers stock.
Sherman has also cosponsored the Corporate Patriot Enforcement
Act of 2002 that would prevent companies from avoiding taxes by
setting up phony offshore operations. C
ONGRESSMAN
S
HERMAN
W
ORKING FOR
V
ALLEY
F
AMILIES
I
MPROVING
V
ALLEY
T
RANSPORTATION
Congressman Sherman has worked closely with other Valley leaders to
improve the 101/405 Interchange and the Sepulveda Pass. These efforts are
beginning to bear fruit, though far more work is needed.
Congressman Sherman also secured $2.8 million for a new bike path from the
North Hollywood Metro Station to Warner Center and to complete the
Warner Center Transit Hub. He has worked with others to fund an exclusive
lane for a 14-mile bus corridor, known as the East-West Valley Busway, from
the North Hollywood Metro Station to Warner Center. The busway should be
fully operating in early 2005, thus reducing traffic on the 101 Freeway.
I
MPROVING
E
DUCATION
Congressman Sherman strongly supported the Elementary and Secondary
Education Act, signed into law in January, which authorizes $8 billion in
additional federal funds to raise teacher standards, improve teacher
compensation, reward successful schools, provide more information to
parents and expand after-school programs.
Congressman Sherman supports federal financial aid to worthy students,
including Pell Grants and federally insured student loans. Sherman will
discuss how students may make use of these programs at a College Financial
Aid Workshop in Reseda on September 28. Please contact Congressman Shermans office for the time and location of this
event or for information on student financial aid.
Last December, Congressman Sherman secured $440,000 in federal funds for the Guadalupe Center to expand its pre-
school and after-school programs in Canoga Park. Again, for more information, please call our office.
Last year, Congressman Sherman helped secure $100,000 in federal funds to bring free Internet connections to our local
schools and is currently seeking an additional $100,000 to provide free home Internet connections to students who
complete a computer course taught by New Directions for Youth, a leading Valley non-profit organization.
P
RESERVING
O
PEN
S
PACE AND
R
ECREATION
The Sepulveda Basin provides Valley residents a chance to enjoy nature and
activities like fishing, golf, baseball and soccer. Last year, Sherman obtained
$650,000 to help fund improvements in the Basin. This year, Congressman
Sherman is seeking an additional $1 million in federal funds.
Last month, the House of Representatives approved $2.5 million to buy land
in the Santa Monica Mountains, including land near Tarzana. In prior years,
Sherman secured federal funding to complete the Backbone Trail, which will
be dedicated later this month.
Congressman Sherman is helping lead the effort to stop the Ahmanson Ranch project, which would dump 45,000 additional
vehicle trips per day onto Valley roads and the Ventura Freeway.