[Congressional Record Volume 148, Number 91 (Tuesday, July 9, 2002)]
[House]
[Page H4405]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                     FOX GUARDING THE CHICKEN COOP

  The SPEAKER pro tempore. Under a previous order of the House, the 
gentleman from Georgia (Mr. Lewis) is recognized for 5 minutes.
  Mr. LEWIS of Georgia. Mr. Speaker, I come to the floor tonight 
dismayed, disillusioned and disappointed. What is happening in 
corporate America? What has become of our corporate leaders? This is a 
simple issue of right and wrong, good and evil, how fraud, lying and 
cheating have become part of our corporate culture. We must ask 
ourselves, How did this happen? What gave birth to this period of 
corporate greed and scandal?
  It all started with the corporate crusade against big government. Big 
government was making big business file too many reports. Big 
government was spending too much time making sure that big business was 
following the law, so big business asked their friends in Congress to 
do something about it.
  Thanks to Republican attacks against big government, these CEOs and 
board of directors are acting with little, if any, government 
regulation. They have been lying to investors, lying to workers, and 
lying to the Federal Government. And they have been getting away with 
it.
  While corporate America has been making out like bandits, hard-
working men and women are losing their jobs, their retirement, and 
losing their children's college funds. The majority party in the White 
House has created a climate in which Enron, WorldCom, and Tyco could 
happen. Instead of having the SEC look over corporate books, 
Republicans have had the SEC look the other way.
  My colleagues, so shall thee sow, so shall thee reap.
  But this travesty is not just about Global Crossing, WorldCom, Enron, 
Martha Stewart, Tyco, and Merck. In fact, it is not just about the 
world of business. It is bigger than that.
  Look at the Republican environmental record. Look at their record on 
worker safety. Our Interior Department is fighting tooth and nail to 
drill for oil and dig for coal on our pristine public lands. The EPA is 
leading the fight for more air pollution. OSHA is making fewer and 
fewer trips to the workplace. And the SEC has been leading the fight to 
let business just go about its business.
  Time and time again, Republicans have declared that the only 
regulation is self-regulation or no regulation. Even today, President 
Bush declared that we must ``depend on the conscience of American 
business leaders.''
  Republicans have left the fox in charge of the chicken coop; and now 
they are shocked, they are absolutely shocked to find a fat fox and an 
empty chicken coop.
  Mr. President, actions speak louder than words. Today's moral 
indignation rings as falsely as an Enron accounting report.
  Today, President Bush told the American people that he wanted to hire 
100 new staffers at the SEC to make corporations obey the law. 
President Bush did not tell the American people that just last year he 
proposed getting rid of 57 SEC workers. This is what the Republicans 
were doing before the American people started paying attention. This is 
what the Republicans were doing when no one was watching.
  We do not need strong words and empty promises. We need strong 
regulation and strict enforcement. It is time to get tough on crime, 
all crime, and not just the folks who cannot afford to make a campaign 
contribution.
  When someone gets caught dealing a thousand dollars' worth of drugs, 
they lock you up, lock you away, and take almost everything you own. We 
need the same standards for CEOs who steal millions of dollars from 
their companies. We need the same standards for corporate leaders who 
lie, cheat and steal from their employees and their shareholders.
  Mr. Speaker, it is time to get serious about corporate crime. It is 
time to put some teeth back into securities laws and some power back 
into the SEC. Do not just talk the talk; walk the walk. Pass the laws. 
Protect the folks who are being dumped on and ripped off. We owe our 
people no less. It is our mission, our mandate, and our moral 
obligation, our moral responsibility.

                          ____________________