FS Credit Opportunities Corp. v. Saba Capital Master Fund, Ltd. · ¶86

Still, the majority insists that legislative history is irrelevant to properly ascertaining Congress’s intent. Its efforts to neutralize the pellucid statements in this legislative record include characterizing them as relating to “implying causes of action in the ‘federal securities laws’ generally.” Ante, at 12. But the Reports say what they say. The Committees explained that, when it amended the statute we are interpreting today, Congress wanted to preserve “to the same extent” the implied private right of action that the Court had recognized in the ICA. S. Rep. No. 96–958, at 14.

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