    [Public Papers of the Presidents of the United States: George W. Bush (2002, Book II)]
    [July 27, 2002]
    [Pages 1305-1306]
    [From the U.S. Government Publishing Office www.gpo.gov]

    The President's Radio Address
    July 27, 2002

        Good morning. This week, the Federal Government took decisive action
    against corporate fraud and abuse. The Justice Department arrested
    several executives who used a public company as a personal loan agency,
    while hiding their actions from investors and employees. Additional
    investigations coordinated by our Corporate Fraud Task Force are
    underway across the country. It should be clear to every shareholder,
    investor, and employee in America that this administration will
    investigate, arrest, and prosecute corporate executives who break the
    law.
        During the last several months, I've called on Congress to pass
    strong reforms to hold corporate officers accountable for their actions.
    This week, Members of Congress responded to that call. The House and the
    Senate passed bipartisan reforms, increasing the penalties for corporate
    wrongdoers and creating tougher standards for corporate auditors, so
    that investors and employees can trust the accounting statements of
    their public companies. This legislation will help reassure Americans
    that our economic system is sound and fair. I thank the Congress for
    their hard work, and I look forward to signing the bill next week.
        Members of the United States Senate have one more week before they
    head home for August recess. I urge them to take up several important
    issues. The Senate should pass trade promotion authority,

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    which will give me a stronger hand in negotiating foreign trade
    agreements. Trade agreements create good jobs and economic growth,
    because they open new markets to America's farmers and ranchers and
    manufacturers. I urge the Senate to get a final bill to my desk so I can
    immediately take action that will create jobs and strengthen the
    economy.
        The Senate should pass the defense appropriations bill, which
    includes the largest increases in defense spending since the Reagan
    years. Our military needs to plan for a long war on terror and prepare
    for all the missions that lie ahead. The House passed its defense
    appropriations bill in June. Now the Senate must make the defense of our
    country a top priority.
        The Senate should not go home before approving a new Department of
    Homeland Security. This Department will coordinate our Nation's response
    to grave national threats, to anticipate our enemies, analyze our
    vulnerabilities, and act forcefully to address them. And the Senate must
    give the Department of Homeland Security all of the authority and
    flexibility it needs to protect the American people.
        And the Senate should protect the retirement security of American
    workers. In April, the House passed pension reforms based on my
    proposals, to give workers more timely information and greater control
    over their own retirement funds as well as access to professional
    investment advice. America's retirement security is too important to
    fall victim to political game playing, and the Senate must act now.
        By taking action on these issues, the Senate can advance our
    national priorities of defending freedom, protecting our homeland, and
    strengthening our economy. The Senate now has one week left to make
    progress for the American people, and I urge them to seize the
    opportunity.
        Thank you for listening.

    Note: The address was recorded at 2:45 p.m. on July 26 in the Cabinet
    Room at the White House for broadcast at 10:06 a.m. on July 27. The
    Office of the Press Secretary also released a Spanish language
    transcript of this address.