    [Public Papers of the Presidents of the United States: George W. Bush (2002, Book II)]
    [July 20, 2002]
    [Pages 1274-1275]
    [From the U.S. Government Publishing Office www.gpo.gov]

    The President's Radio Address
    July 20, 2002

        Good morning. As Congress approaches the August recess, it must take
    decisive steps to provide economic security to the American people, to
    demand high ethical standards from corporate leaders, to promote
    economic growth and job creation, and to curb its appetite for excessive
    spending.
        We must promote economic security by enforcing high ethical
    standards for American businesses. Unethical business practices by
    corporate leaders amount to theft and fraud. These practices are
    unacceptable, and we are fighting them with active prosecutions and
    tough enforcement by the SEC. We will defend the rights and interests of
    every American worker and shareholder, and we will not accept anything
    less than complete honesty.
        The House and Senate have both passed strong corporate
    accountability bills that toughen penalties and provide transparency and
    hold corporate executives accountable for their behavior. I am confident
    that the differences between the House and Senate approaches can be
    bridged. Some in Congress have predicted that it will take 2 months for
    the House and Senate to send a bill to my desk. There is no good reason
    for the legislative process to take that long. I call again on Congress
    to pass a bill before the August recess. It's time to act decisively to
    bring a new era of integrity to American business.
        We must also increase economic security for American workers through
    expanded trade. For over a year now, the United States Congress has
    debated trade promotion authority. This week I met with Members of the
    House and Senate to urge them to resolve their differences and approve a
    bill. If Congress waits, less markets will be open to American goods,
    and less jobs will be created for American workers.
        To promote our economic security, we also need to act on a terrorism
    insurance

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    bill. Until Congress sends a bill to my desk, some buildings will not be
    able to get coverage against terrorist attacks, and many new buildings
    will not be built at all. Commercial development is stalling, and
    workers are missing out on these jobs. This year alone, the lack of
    terrorism insurance has killed or delayed more than $8 billion in
    commercial property financing. Congress should pass a terrorism
    insurance bill without unnecessary measures that increase frivolous
    litigation.
        Finally, we must promote economic security by enforcing fiscal
    restraint. Congress must control its enormous appetite for excessive
    spending so we can meet our national priorities and return to a budget
    surplus without undermining our economy. Unless Congress controls its
    spending, we will face a decade of deficits. I will insist on and, if
    necessary, I will enforce discipline in Federal spending.
        This is a crucial moment for the American economy. The economic
    fundamentals are strong. Inflation and interest rates are low.
    Productivity is increasing, and the economy is expanding, which creates
    more jobs. While the economy is growing stronger, confidence in our free
    enterprise system is being tested.
        Unethical business conduct that began in the boom of the 1990s is
    being uncovered. Investors have lost money. Some in retirement have lost
    security. Workers have lost jobs, and the trust of the American people
    has been betrayed.
        As we face these economic challenges, my administration will do
    everything in its power to ensure business integrity and long-term
    growth. We must act quickly and aggressively on a variety of fronts to
    increase the economic security of the American people, and I ask the
    Congress to join me in this urgent task.
        Thank you for listening.

    Note: The address was recorded at 9:50 a.m. on July 19 in the Cabinet
    Room at the White House for broadcast at 10:06 a.m. on July 20. The
    transcript was made available by the Office of the Press Secretary on
    July 19 but was embargoed for release until the broadcast. The Office of
    the Press Secretary also released a Spanish language transcript of this
    address.