Who has an interest in simplifying the legislative dynamics? The notion that the Supreme Court's decision in Central Bank 'initiated' the PSLRA ignores the asymmetric incentives of the stakeholders.
The Congress does not wait for judicial signals to act; it responds to strategic political payoffs.
The fear of an exodus of companies from the U.S. stock markets, due to litigation deemed excessive, was a much more significant pressure factor, altering the legislative actors' Nash equilibrium.
For example, emerging technology companies, eager to raise public capital, exerted intense lobbying, promising job creation and economic growth in exchange for a reduction in litigation risk, a dominant gain for legislators far beyond clarifying the roles of defendants.