[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.