Tens of thousands of Enron employees and their families have suffered from the loss of their jobs and life savings in the failure of the corporation. This economic tragedy underscores a number of fundamental problems that quickly need to be addressed by Congress.

The collapse of Enron appears to be the result of a major accounting offense. If a respected chief accounting firm, such as Arthur Anderson gave their approval to financial reports they knew were false, there should be immediate and decisive legal action. It's also clear that Enron executives gave a lot of money to legislators of both parties. This emphasizes the need to pass meaningful campaign finance reform legislation. Large corporations should be prohibited from directly or indirectly giving large unregulated sums of money to parties or elected officials. I have actively championed campaign finance reform since I was elected to Congress and it is still one of my top priorities.

When Enron's financial situation began to decline last year, executives asked for help from the Bush Administration, and didn't receive any assistance. President Bush has called for an investigation, and his Justice Department is chartering a special task force while Attorney General Ashcroft has recused himself.

We don't yet know the details of Enron's off-balance-sheet transactions. But, the events and documents should be carefully examined for any evidence of criminal intent. Unfortunately, the misstatement of Enron earnings goes back five years to 1997. We must also study the regulatory depredations that contributed to its rising stock price, which took place under the previous Clinton administration.

I am committed to getting the facts and taking appropriate action in the Enron case. I will work hard with my colleagues in the House to make sure the rise and fall of Enron is carefully investigated and that any and all parties that broke any laws are brought to justice regardless of who they are.