    [Public Papers of the Presidents of the United States: George W. Bush (2002, Book II)]
    [July 30, 2002]
    [Page 1322]
    [From the U.S. Government Publishing Office www.gpo.gov]

    [[Page 1322]]

    Statement on Signing the Sarbanes-Oxley Act of 2002
    July 30, 2002

        Today I have signed into law H.R. 3763, ``An Act to protect
    investors by improving the accuracy and reliability of corporate
    disclosures made pursuant to the securities laws, and for other
    purposes.'' The Act adopts tough new provisions to deter and punish
    corporate and accounting fraud and corruption, ensure justice for
    wrongdoers, and protect the interests of workers and shareholders.
        Several provisions of the Act require careful construction by the
    executive branch as it faithfully executes the Act.
        The legislative purpose of sections 302, 401, and 906 of the Act,
    relating to certification and accuracy of reports, is to strengthen the
    existing corporate reporting system under section 13(a) and 15(d) of the
    Securities Exchange Act of 1934. Accordingly, the executive branch shall
    construe this Act as not affecting the authority relating to national
    security set forth in section 13(b) of the Securities Exchange Act of
    1934.
        To ensure that no infringement on the constitutional right to
    petition the Government for redress of grievances occurs in the
    enforcement of section 1512(c) of title 18 of the U.S. Code, enacted by
    section 1102 of the Act, which among other things prohibits corruptly
    influencing any official proceeding, the executive branch shall construe
    the term ``corruptly'' in section 1512(c)(2) as requiring proof of a
    criminal state of mind on the part of the defendant.
        Given that the legislative purpose of section 1514A of title 18 of
    the U.S. Code, enacted by section 806 of the Act, is to protect against
    company retaliation for lawful cooperation with investigations and not
    to define the scope of investigative authority or to grant new
    investigative authority, the executive branch shall construe section
    1514A(a)(1)(B) as referring to investigations authorized by the rules of
    the Senate or the House of Representatives and conducted for a proper
    legislative purpose.

                                                              George W. Bush

     The White House,

     July 30, 2002.

    Note: H.R. 3763, approved July 30, was assigned Public Law No. 107-204.