[Congressional Record (Bound Edition), Volume 148 (2002), Part 9]
[House]
[Page 12579]
[From the U.S. Government Publishing Office, www.gpo.gov]




                        CORPORATE ACCOUNTABILITY

  (Mr. PASCRELL asked and was given permission to address the House for 
1 minute and to revise and extend his remarks.)
  Mr. PASCRELL. Mr. Speaker, the other evening the President provided a 
policy speech on corporate accountability. In response to the 
President's speech, business experts such as John Bogle, founder of 
Vanguard Group, stated that in terms of real substance of what will 
solve the problems, it does not get nearly as far as I would have 
hoped. I agree with Mr. Bogle, Mr. Speaker.
  While the President discusses transparency and required disclosures 
by corporate executives, his own Vice President refuses to disclose 
which energy moguls sat in the White House and put together our energy 
policy. None of us on either side of the aisle should be cavalier about 
these problems. These are systemic, serious problems. We are not 
talking about a few bad apples.
  When regulators refuse to do their job, the result is that the 
American people are injured. Just look at the situation with Enron and 
the Federal Energy Regulatory Commission. Members know Enron was 
manipulating the system. Lawmakers have been urging FERC to investigate 
market manipulation long before the Enron scandal broke.
  When FERC's chairman, Pat Wood, who was handpicked by Enron's Ken 
Lay, joined FERC last June, he said it was FERC's job to act like a 
vigilant market cop walking the beat.
  I would say the fox is guarding the hen house. These regulators ought 
to resign.

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