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The Speech or Debate Clause is a part of the U.S. Constitution that gives members of Congress immunity for statements made during debate in either the House or the Senate. This immunity is also extended to other areas where it is necessary to prevent impairment of deliberations and other legitimate legislative activities, such as subpoenaing bank records for an investigation.
For example, if a member of Congress makes a statement during a debate that is later found to be defamatory, they cannot be sued for it because of the Speech or Debate Clause. This clause is important because it allows members of Congress to speak freely without fear of legal repercussions.
Overall, the Speech or Debate Clause is a protection for members of Congress to ensure that they can carry out their legislative duties without fear of legal consequences.