Just minutes ago, Speaker Pelosi and House Financial Services Chairman Barney Frank presented the revised $700 billion financial rescue proposal to Members of Congress. My staff and I are currently reviewing the 110-page document and I am in consultation with constituents, economists, business leaders and Congressional leaders to determine the best course of action. We expect to take up this issue either later tonight or early on Monday, and I will let you know about any new developments as soon as I learn about them. For a summary of the proposal, please visit Speaker Pelosi's site at http://speaker.house.gov.
In other news, I am proud to report that last night the House of Representatives unanimously passed H.R. 6146, known as the "Cohen-Issa libel tourism bill," which will amend U.S. code to prohibit recognition and enforcement of foreign defamation judgments. I wrote this legislation and introduced it on May 22.
The bill is designed to address the phenomenon known as "libel tourism," or the exploitation of defamation laws in foreign countries that lack the broad protections of free speech guaranteed by the First Amendment in the United States.
Libel tourism threatens to undermine the principles of free speech because foreign courts are not obliged to consider extensive First Amendment privileges in defamation cases. My bill will prohibit domestic courts from recognizing or enforcing foreign defamation judgments unless the domestic court finds that the foreign judgment comports with our First Amendment. I thank Darrell Issa (CA-49), Judiciary Chairman John Conyers (MI-14) and House leadership for recognizing the urgency with which Congress needed to act on this matter and getting this bill on the calendar before the end of the session.
As our world becomes more and more interconnected, we need new laws to ensure that Americans' First Amendment rights won't ever be hindered by more restrictive, foreign mandates. I am proud that we were able to pass this common sense legislation to protect Americans from foreign courts impeding on their rights to free speech and freedom of the press this year, and I hope that the Senate realizes the urgency with which me must enact this law. Challenges to Americans' First Amendment protections in U.S. courts are cumbersome and difficult by design, and we will not tolerate any erosion of those rights by foreign courts.