[Weekly Compilation of Presidential Documents Volume 38, Number 28 (Monday, July 15, 2002)]
[Pages 1149-1158]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
The President's News Conference

July 8, 2002

    The President. Good afternoon. I hope you all enjoyed your weekend 
in Maine as

[[Page 1150]]

much as I did. And I hope our fellow Americans all enjoyed a Fourth of 
July weekend with their family and friends. And now it's back to work. 
Congress is coming back into Washington, and they've got a lot of work 
ahead of them before the August vacation.
    Congress has been making some important progress, but it also has a 
lot of unfinished business. I urge Congress to join me in advancing--
join me in acting to achieve and advance three big goals: We need to win 
the war; we need to protect our homeland; and we need to strengthen our 
economy.
    Winning the war and protecting the homeland requires a sustained 
national commitment. More than 100 days ago, I asked Congress to 
appropriate additional money to equip our Armed Forces and strengthen 
the security at our airports. Four months later, the Department of 
Defense and the new Transportation Security Administration are still 
waiting for the money, and they'll run out of operating funds maybe as 
soon as this week. Congress simply must fund our troops while they're 
fighting a war. And Congress must provide the funds to improve security 
at our airports. Further delay is intolerable. Congress has got to act.
    Congress must also pass the defense appropriations for next year's 
budget. The House has acted. The Senate must act. Our Nation is at war, 
and our budget priorities and actions need to reflect that reality. 
These bills are critical, and quick action on them does not and should 
not preclude simultaneous progress on other legislation.
    Creating more jobs and strengthening our economy are critical 
priorities. And Congress can act to create jobs by giving me trade 
promotion authority. Expanding trade means new jobs for American 
workers. Congress has debated trade now for more than a year. It's time 
to stop talking. It's time to start acting. Congress should act to 
create American jobs before it goes home for the August recess.
    And Congress should act to make us less dependent on foreign sources 
of energy. Congress has the opportunity to pass legislation that gives 
America the energy policy it needs, one that makes us less dependent on 
foreign oil and promotes conservation. Reliable, affordable energy means 
more and better jobs.
    Another key element of economic growth is consumer and investor 
confidence in our markets and in the integrity of corporate America. And 
right now, that confidence has been shaken. Tomorrow in New York, I'll 
outline tough new laws and actions to punish abuses, restore investor 
confidence, and protect the pensions of American workers. We have a duty 
to every worker, shareholder, and investor in America to punish the 
guilty, to close loopholes, and protect employee pensions. And we will. 
The House has acted on the pension reforms I proposed in February and on 
the corporate responsibility proposals I made in March. It's time for 
the Senate to act in an equally responsive manner.
    As Congress works on all this important legislation, it must keep a 
tight hand on taxpayers' money. Excessive Government spending is a drag, 
or will be a drag, on our economy. Congress is moving forward on the 
proposal for the new Department of Homeland Security, and it is doing so 
with speed and skill and a constructive spirit of bipartisan 
cooperation. I hope the Congress will apply the same spirit to other 
important legislation.
    A safer and more prosperous America can also be a more compassionate 
country. The House has acted to encourage the charity and good works of 
private and religious groups throughout America. The House has also 
passed welfare reform that upholds the values of work and family. If the 
Senate acts, we will improve the lives of millions of our fellow 
citizens.
    I know that this is an election year, and both Republicans and 
Democrats will be focused on politics. That's normal during an election 
year, but we must not be distracted from the important work that we 
share. It will take a lot of work and bipartisan cooperation to get 
important legislation out of the Congress before they all go home to 
campaign. The agenda is full; the time is short; and the Nation is 
watching.
    In the coming weeks, I'll continue to focus on pursuing the war and 
protecting the homeland and strengthening our economy. And I urge the 
Congress to join me in this unfinished business.

[[Page 1151]]

    Now I'll be glad to answer some questions you have. Why don't we 
start here, David [David Gregory, NBC News]?

Corporate Responsibility

    Q. Mr. President, in the war on terrorism, you made it very clear 
that it's not just a matter of seeking justice for offenders but also 
preventing another act of terrorism against our country. So when it 
comes to corporate corruption, beyond calling for tough penalties, what 
can you say to investors around the country about what this 
administration will do to prevent abuses from occurring in the future?
    The President. Well, let me start by telling you that I think, by 
far, the vast majority of CEOs in America are good, honorable, honest 
people who have nothing to hide and are willing to let the true facts 
speak for themselves. It's the few that have stained the--that have 
created the stains that we must deal with.
    And tomorrow I'm going to talk about some specifics, and I'd rather 
save those for tomorrow. But let me just put it to you this way: We'll 
vigorously pursue people who break the law. And that's what--and I think 
that will help restore confidence to the American people.
    Q. And prevention, though? What about--how do you prevent this from 
happening again?
    The President. Well, David, there is a--listen, there had been a 
period of time when everything seemed easy. Markets were roaring; 
capital was everywhere; and people forgot their responsibilities. And as 
you know--you've had to suffer through many of my speeches--but I have 
been calling for a renewed sense of responsibility in America. And that 
includes corporate responsibility, because I'm very worried about a 
country that has--that could conceivably lose confidence in the free 
enterprise system. And I'm an avid backer of the free enterprise system, 
but I also understand that that requires trust. And we've had some 
destroy the trust of the American people, and we need to do something 
about it.
    In the future, starting--we start with calling on people's--calling 
on people's better nature. And I'll do some of that tomorrow as well.
    Yes, Sandra [Sandra Sobieraj, Associated Press].

Smallpox Vaccine

    Q. Sir, the Government is stockpiling enough smallpox vaccine for 
every American, but is only planning right now to offer it to emergency 
and health care workers. Why shouldn't every American be able to 
evaluate the health risks for themselves and then decide for themselves 
to get the vaccine?
    The President. Sandra, first of all, I haven't made any decisions as 
to who's going to be vaccinated or not. We're looking at all options. I 
think one concern that I can share with you is that if everybody 
received a vaccine, there are some who--to whom that vaccine might be 
fatal. And I worry about that. I worry about calling for a national 
vaccination program and that it could cause the loss of life. And so I'm 
looking at all options before I make up my mind.
    Yes. Yes, sir.

Harken Energy/2002 Election

    Q. Mr. President, the Democrats have signaled that they are going to 
make your behavior while a director at Harken an election-year issue. 
There's an ad out today which is relatively new. I know you said this 
has been vetted before--I mean, I've heard that. But would you take on 
the charge that you were 8 months late with an $850,000 stock sale 
report?
    The President. First, let me take on the notion that people love to 
play politics. You know, you said the Democrats are going to attack me 
based upon Harken. That's nothing new. That happened in 1994. I can't 
remember if it happened in 1998 or not. It happened in 2000. I mean, 
this is recycled stuff. When I--[laughter]. Thank you. [Laughter]
    When I made the decision to sell, I filed what's called a Form 144. 
I think you all have copies of the Form 144. It's an intention to sell, 
and I did so. And--but as you said, this has been fully vetted. It has 
been looked at by the SEC. You've got the documents. You've got the 
finding where the guy said, ``There is no case here.'' And it's just--
the way I view it is, it's old-style politics. And

[[Page 1152]]

I guess that's the way it's going to be, but----
    Q. Well, sir, if I might, on the question that the Form 4 was 8 
months late, why was it?
    The President. You know, the important document was the 144, the 
intention to sell. That was the important document. I think you've got a 
copy of it. If you don't, we'll be glad to get you one that showed the 
intention to sell.
    As to why the Form 4 was late, I still haven't figured it out 
completely. But nevertheless, the SEC fully looked into the matter. They 
looked at all aspects of it, and they did so in a very thorough way. And 
the people that looked into it said there is no case. And that was the 
case in the early nineties; it was the case in the '94 campaign; it was 
the case in the '98 campaign. The same thing happened in the 2000 
campaign. I guess we're going to have to go through this again in the 
2002 campaign, but nothing has changed. And the nothing that changed was 
the fact that this was fully looked into by the SEC, and there's no 
``there'' there.
    Helen [Helen Thomas, Hearst Newspapers].

SEC Chairman Harvey Pitt

    Q. Mr. President----
    The President. I'm working my way around, John [John Cochran, ABC 
News].
    Q. ----in a way to clean up the corporate world and start the 
reforms, Senator McCain is suggesting that you ask for the resignation 
of Harvey Pitt and says that he is inept and has had to recuse himself 
so many times in all these cases. What do you think? And are you 1,000 
percent behind him?
    The President. Very tricky. I support Harvey Pitt. Harvey Pitt has 
been fast to act. He's been in office less than 12 months, I think--I 
mean, he was--we sent him up to the Senate and was unanimously approved. 
I'm not exactly sure when the vote was. I guess it was about a year ago, 
and every Senator said aye on Harvey Pitt--``aye'' meaning that they 
thought he would do--they thought he was the right man for the job. And 
I still think he is.
    He is--in a quick period of time, he has taken 30 CEOs and directors 
to task by not allowing them to serve again on a board or serve in a CEO 
capacity of a company. He's encouraged what they call disgorgement; in 
other words, if somebody has profited based upon malicious reporting, or 
whatever the lawyers call it--obviously trying to scam somebody--they 
had to give their money back. And he's been very active on that. So I 
think Pitt's doing a fine job.

Former President Clinton/Harken Energy

    Q. Sir, you said, in your speech tomorrow you're going to talk about 
some of the excesses of the 1990s, when a lot of money was flying 
around, people were playing a lot of games with money.
    The President. That's right.
    Q. You weren't President then; Bill Clinton was President. Do you 
think in some way he contributed to that, set a moral tone in any way?
    The President. No.
    Q. Can I ask one more--[laughter]? You'd not like to expand on that?
    You were asked about the SEC and the Harken Energy Company. 
Democrats are saying, ``Would you have the SEC release all the papers in 
connection with that to end all the questions? Would you tell the SEC, 
Mr. Pitt, to release those papers?''
    The President. This is old politics, John. This has been around for 
a long time. In the early nineties, key members of Congress asked for 
relevant documents from the SEC on this case. They were given the 
documents. You've seen the relevant documents.
    And I want to remind you all that I sold the stock at 4, and 14 
months later--the holding period for capital gains, I think, was 12 
months in those days--the person who bought my stock could have sold it 
for 8, could have doubled his or her money.
    Q. Mr. President, you've said that you didn't know, when you sold 
your Harken stock, that the company was going to restate its earnings. 
As a member of its audit committee, how could you not know that its 
earnings had not been properly accounted for?
    The President. Because that fact--that fact came up after I sold the 
stock. And the SEC fully looked into this. All these questions that 
you're asking were looked into by

[[Page 1153]]

the SEC. And again, I repeat to you, the summary, which I think you've 
seen--I hope you've seen it; if not, we'll be glad to get it to you--
said there was no case there.
    Yes--working my way down there.

Usama bin Laden

    Q. Mr. President, first of all, my apology for not having the tie, 
because I have this Indian summer suit today. [Laughter]
    The President. That's okay. Therefore, you don't get to ask a 
question. [Laughter]
    Q. And second, sir, happy birthday. We share the--were born the same 
day.
    The President. Thank you. That's a fine question. [Laughter]
    Q. My question is, sir, that we did a survey at India Globe and Asia 
Today, around the United States among the Indian-American community and 
also in India and the Indian Government. They all support your stand 
against fighting against terrorism. But the question is, sir, are you 
going to find Usama bin Laden before the first anniversary of September 
11th?
    The President. Well, that's an interesting--his question is about 
Usama bin Laden. We haven't heard from him in a long time. I don't know 
if the man's living or the man's dead. But one thing is for certain: The 
war on terror is a lot bigger than one person. And as I told the 
American people, this is going to be a long and--long struggle. And 
we're making good progress. We're rounding people up slowly but surely. 
We're disrupting networks. But this is--and these are like international 
criminals, is what they act like. They kind of hide and order things up 
and then hide again. And we're just patiently hunting them down. And 
whether or not Usama bin Laden is alive or not, I don't know.
    Mike [Mike Allen, Washington Post].

Harken Energy

    Q. Sir?
    Q. Mr. President, if I may walk you----
    The President. If you'd have worn a tie, you could have had a 
followup. [Laughter]
    Q. If I may ask a question from just before the sale of stock that 
you mentioned, could you please explain your role when you were on the 
board of Harken Oil in the sale of 1989 of its Aloha Petroleum 
subsidiary, which later caused the SEC to require Harken to restate its 
earnings? The sale has been described as creating a phantom profit to 
hide large losses. How did you see it, sir? And do you think that this 
transaction hurts your credibility on corporate responsibility?
    The President. Mike, Mike, this and all matters that related to 
Harken were fully looked into by the SEC. And in this case, the system 
worked. There was a honest difference of opinion as to how to account 
for a complicated transaction. And that's what--you're going to find 
that in different corporations. Sometimes the rules aren't as specific 
as one would expect. And therefore, the accountants and the auditors 
make a decision. And it is the SEC's role to make the determination as 
to whether or not the accounting procedure used in this particular 
instance was proper or not.
    And--let me finish. And they made the decision that Harken ought to 
restate some earnings, which Harken did. And that's how the system is 
supposed to work.
    John [John King, Cable News Network].
    Q. If I may ask you, right before the accounting, the sale, itself, 
of the subsidiary--did you favor that? Were you involved----
    The President. Mike, you need to look back on the directors' 
minutes. But all I can tell you is, is that in the corporate world, 
sometimes things aren't exactly black and white when it comes to 
accounting procedures. And the SEC's job is to look and is to determine 
whether or not--whether or not--whether or not the decision by the 
auditors was the appropriate decision. And they did look, and they 
decided that earnings ought to be restated, and the company did so 
immediately upon the SEC's finding.
    Yes, John.

Corporate Responsibility

    Q. Sir, in that SEC investigation, you waived attorney-client 
privilege so that the SEC could question Harken attorneys and your 
personal attorneys about your dealings. In light of that, do you think 
it is appropriate today, given the fact that you say investors are 
nervous about the markets, for senior executives of these companies to 
go before Congress and invoke the fifth amendment

[[Page 1154]]

and refuse to discuss their dealings in controversial--and on a related 
point, one of the differences right now between the administration and 
the Senate bill on corporate responsibility is the Sarbanes proposal to 
have this independent board, appointed by the SEC, police the accounting 
industry. You have opposed that so far. Are you prepared today to 
endorse that?
    The President. Well, let me--I'll give you my opinion on that. Look, 
I think people, obviously, if they're called up, ought to tell what they 
know. But lawyers have different opinions. And these people are 
listening to the advice of their counsels.
    Q. Does it hurt the very market confidence you're----
    The President. Well, I think what hurts the market confidence is 
the--in the recent cases, was the inflated numbers. And so people look 
at balance sheets and wonder if they're real.
    And now, as to the Sarbanes bill, we share the same goals, and I'm 
confident we can get a good piece of legislation out of the Congress. I 
too called for an independent board. My concern in the Sarbanes bill is 
that there's overlapping jurisdiction, which will make it harder to 
enforce rules and regulations, not easier. If you have overlapping 
jurisdiction, it creates confusion as to who is in charge of what. But 
I'm confident we can work that out. I am.
    Yes, David [David Sanger, New York Times]. We're skipping around 
there.
    Q. Mr. President, you----
    The President. Nice tie, though. [Laughter]
    Q. Hope I'm going to get a question. [Laughter]

Situation in the Middle East

    Q. You gave your speech on the Mideast nearly 2 weeks ago now. And 
after your previous speech on the Mideast, you repeatedly called on the 
Israelis to withdraw from the West Bank. You made a brief allusion to 
that in this most recent speech. You haven't discussed it since. And of 
course, they're still there. Should they take your silence as an 
indication that they should stay where they are, or that they should 
stay there while Yasser Arafat is still in power?
    The President. David, I said in my speech, ``as security improves.'' 
I also will call upon the Israelis, as security improves, to allow for 
more freedom of movement by the Palestinian people.
    At the same time, we're working to begin the reforms necessary 
amongst the Palestinians to create enough confidence in all parties so 
that security will improve as well. Burns--Under Secretary Burns was 
recently there in the Middle East. He's back to report this week. Colin 
Powell will be following up on his meetings.
    And I haven't had the briefing yet, but I believe some progress is 
being made toward the institutions that I talked about that are 
necessary for a Palestinian state to emerge which will give us all 
confidence in its ability to fight off terrorist activities, in its 
ability to receive international aid without stealing the money, its 
ability to develop a judiciary. And what's very important in the Middle 
East, Dave, is that those institutions evolve and grow so that the true 
will of the Palestinian people can be reflected in the government and 
that the institutions grow and evolve so that there's, in fact, 
separation of power, so that all hopes of the Palestinians don't rest on 
one person. And I believe we're making some progress there.
    Go ahead. Followup on Dave.
    Q. With security at its current state, do I understand you correctly 
to be saying, if things are in its current state, you're perfectly 
comfortable to have the Israelis where they are?
    The President. I would hope that everybody got the message that we 
all have responsibilities to fight off terrorist attacks.
    Yes, Ed [Ed Chen, Los Angeles Times].

Bringing Terrorists to Justice

    Q. Good afternoon. Since shortly after September 11, you said that 
you would like to see Usama bin Laden, dead or alive. But you've also 
said that America is after justice and not revenge.
    The President. Right.
    Q. Could you please tell us, to your way of thinking, what is the 
difference?
    The President. Between justice and revenge? I think it's a 
difference of attitude. I mean, I seek justice for the deaths done

[[Page 1155]]

to American people. And it's--you can be tough and seek justice, Ed. And 
you can be disciplined and focused and seek justice. But it's a frame of 
mind. We don't take--we take lives when we have to, to protect the 
people and to hold people accountable for killing thousands, is how I 
look at it.
    Ed, and then Jim [Jim Angle, Fox News], and then Tie Man [Ken 
Bazinet, New York Daily News].
    Q. Thank you.

Iraq

    Q. Yes, Mr. President, thank you. We continue to see reports on the 
state of planning to get rid of Saddam Hussein in Iraq. I know it's 
unlikely that you'll share any details with us, though we'd be delighted 
to hear them, sir----
    The President. Somebody else thinks they are, evidently. [Laughter]
    Q. But I wonder, Mr. President, regardless of when or how, is it 
your firm intention to get rid of Saddam Hussein in Iraq----
    The President. Yes.
    Q. ----and how hard to you think it will be?
    The President. It's the stated policy of this Government to have 
regime change. And it hasn't changed. And we'll use all tools at our 
disposal to do so.
    I actually didn't read the whole story about somebody down there at 
level five flexing some know-how muscle, but there's all kind--listen, I 
recognize there's speculation out there. But people shouldn't speculate 
about the desire of the Government to have a regime change. And there's 
ways, different ways to do it.
    Q. How involved are you in the planning, sir? We know that you meet 
with General Franks. You meet with Rumsfeld to talk about this. How 
involved are you?
    The President. I'm involved. I mean, I'm involved in the military 
planning, diplomatic planning, financial planning, all aspects of--
reviewing all the tools at my disposal. And--but in my remarks to 
American people, I remind them I'm a patient person and there's a--but I 
do firmly believe that the world will be safer and more peaceful if 
there's a regime change in that Government.
    And Tie Man. Let me see, you are--[laughter]--I don't have my--``no 
name,'' it says. Never mind. [Laughter]
    Q. Tie Man is fine.
    The President. Thank you.

SEC Chairman Harvey Pitt

    Q. Thank you. And I thank you for the compliment. Earlier you 
signaled your staunch support for Harvey Pitt, sir. On August 8th, his 
one year will have come up, and he will no longer have to recuse 
himself. Do you think that he should voluntarily recuse himself after 
that point? Would that be appropriate?
    The President. I think Harvey Pitt was put in place to clean up a 
mess, and he's working hard to do that. It's an amazing town, where the 
man barely got his uniform on, barely had a chance to perform, and now, 
for whatever reason, people think he ought to move on, the very ones who 
voted for him. And I would ask them to look at his record. And I'm going 
to--since I'm the decisionmaker, I'm going to give him a chance to 
continue to perform.
    Elisabeth [Elisabeth Bumiller, New York Times].
    Q. Mr. President----
    The President. Your name is not Elisabeth.

Harken Energy

    Q. Thank you. The accounting procedures at Harken and Aloha have 
been compared to what went on at Enron. Would you agree with that?
    The President. No.
    Q. Why not, sir?
    The President. Well, again, this is--there was no malfeance 
involved. This was a honest disagreement about accounting procedures. 
And the SEC took a good look at it and decided that the procedures used 
by the auditors and the accounting firm needed to--were not the right 
procedure in this particular case or the right ruling and, therefore, 
asked Harken to restate earnings, which it did. I mean, that's the way 
the SEC works. That's the proper role of an oversight group.
    There was no malfeance, no attempt to hide anything. It was just a 
accounting firm making a decision, along with the corporate

[[Page 1156]]

officers, as to how to account for a complex transaction.
    Q. Can I follow that up, sir?
    The President. No.
    Yes, Ken [Ken Walsh, U.S. News & World Report].

Corporate Responsibility

    Q. Yes, Mr. President, to put your speech tomorrow in a larger 
context, at the turn of the last century, Theodore Roosevelt complained 
about what he called the ``malefactors of great wealth,'' and he asked, 
in a very famous speech, ``Who shall rule this country, the people,'' or 
what he called ``those who hide behind the breastworks of corporate 
organizations?'' I wonder if you feel this era is comparable to that 
one, and if you feel you should respond as aggressively as Roosevelt did 
to corporate corruption?
    The President. Well, of course, he was referring to trusts. I'm 
referring to a lapse of ethics, people forgetting the fact that they 
represent things other than their own compensation packages, however 
inflated they may be, that they have a responsibility to employees and 
shareholders.
    And I am--I also understand how tender the free enterprise system 
can be. If people lose confidence in the system, it will be hard to 
attract capital in the markets. And that's one reason I've reacted so 
steadily against what I have seen. And I don't like it a bit, and I'm 
going to talk about it tomorrow.
    David asked an interesting question about how do you prevent things 
in the future. It's like asking how do you--if somebody has--doesn't 
have that ethical compass, they'll find ways to cut corners. There are 
ways that people should hold people accountable. I mean, investors need 
to be--pay attention. There are investor groups that will do that. 
Obviously, boards of directors need to hold CEOs accountable. But if you 
get a bunch of people together that have no sense of ethics, you're 
going to get this kind of behavior. And so then what the Government must 
do--and it's a legitimate role of Government--is to step in and hold 
people accountable.

Corporate Tax Returns

    Q. Mr. President, one way to establish or restore investor 
confidence being floated right now is making public the tax returns of 
corporations. Would you favor that policy?
    The President. Making public? I'd need to look at that. I'll take a 
look at that.
    Q. Mr. President----
    The President. Hillman [G. Robert Hillman, Dallas Morning News].

Civil Rights

    Q. Yes, Mr. President. The NAACP is meeting this week in Houston, as 
you probably know. And there's been some criticism that you've not 
attended their convention since the 2000 campaign. How would you respond 
to that and respond generally to suggestions from some critics that your 
civil rights record in the administration is not a stellar one?
    The President. Let's see. There I was, sitting around the leader 
with--the table with foreign leaders, looking at Colin Powell and Condi 
Rice.
    Yes.

Anti-Semitism/Situation in the Middle East

    Q. Mr. President, on the Middle East, a followup. Realistically, can 
anything be accomplished in the Middle East before the Palestinian 
elections? And does the White House have anything to say about the rise 
of anti-Semitism which is sweeping Europe? Are you concerned that that 
could spread to this country?
    The President. We're concerned about anti-Semitism anywhere.
    And yes, progress can be made. We can help write--encourage the 
writing of a new constitution, the reformulation of security forces, 
prepare aid packages that will be disbursed if there is transparency. So 
progress can be made until the elections.

Pension Reform

    Q. Mr. President, how do you respond to the criticism that your 
administration, and you particularly, are more interested in protecting 
the interests of corporate America than the needs of ordinary Americans?
    The President. What I'm interested in protecting is the confidence 
of all Americans in the marketplace, so that people feel comfortable 
investing, because investment means

[[Page 1157]]

jobs; and so that people feel comfortable that their savings plans and 
pension plans are protected. That's why I put out the pension reform 
package.
    Remember, in February I laid out a pension reform package. And in 
March I laid out 10 steps for good corporate governance, and I'm waiting 
for Congress to act. And it's been a while. But listen, I'm a believer 
in the free enterprise system. But I'm also a strong believer in holding 
people accountable when they betray the trust of employees and 
shareholders. And that's exactly what we're going to do.
    Yes, Anne [Anne Kornblut, Boston Globe].

Iraq/War on Terrorism

    Q. On Iraq, can the American people expect that by the end of your 
first term you will have affected a regime change in Iraq, one way or 
another? And by the same token----
    The President. That's hypothetical.
    Q. But can the American people expect that? Should they expect that?
    The President. That's a hypothetical question. They can expect me 
not to answer hypothetical questions.
    Q. On Usama bin Laden, does your promise still----
    The President. On sensitive subjects. [Laughter]
    Q. Sir, on Usama bin Laden, does your promise still hold that he 
will be caught, dead or alive, at some point?
    The President. What? Say that again?
    Q. Does your promise on--or your goal of catching Usama bin Laden 
dead or alive, does that still stand?
    The President. I don't know if he is dead or alive, for starters, so 
I'm going to answer your question with a hypothetical. Usama bin Laden, 
he may be alive. If he is, we'll get him. If he's not alive, we got him. 
[Laughter]
    But the issue is bigger than one person. That's what I keep trying 
to explain to the American people. We're talking about networks that 
need to be disrupted, plans that need to be stopped. These people are 
coldblooded killers. They're interested in killing innocent Americans, 
still. And therefore, we will continue to pursue them.
    And I understand the frustrations of this war. Everybody wants to be 
a war correspondent. They want to go out there and see the tanks moving 
across the plains or the airplanes flying in formation and--but that's 
not the way this war is going to be fought all the time. There's a lot 
of actions that take place that you'll never see. And there's--and some 
of it, hopefully, will continue to take place as a result of the actions 
of our friends, such as that which took place in the Philippines. Abu 
Sayyaf--the leader, evidently, was killed by Philippine troops. And 
that's positive. That's a positive development.
    We're constantly working with nations that might become havens for 
terrorists, to make sure that there's no place for them to bunch up or 
train or to--and it's--and we're making progress. But it's a long 
journey, and that's what people have got to know.
    Press Secretary Ari Fleischer. Final question.

Role of Securities and Exchange Commission

    Q. Mr. President, you mentioned that sometimes the accounting laws 
are just too difficult to calculate.
    The President. No, I said sometimes there's differences--a ability 
to interpret one way or the other.
    Q. But isn't that--wouldn't that provide a handy excuse to some of 
the folks who are involved in these scandals today, who say, ``Well, 
internally we had----''
    The President. Sure. Sure, it becomes a handy excuse. But good 
prosecutors and a strong SEC will determine the difference between what 
becomes a handy excuse by somebody willing to defraud and somebody who 
has just a difference of opinion. And that's the difference. And that's 
the role of the SEC, and that's why the SEC has to be strengthened.
    And tomorrow I'll call for a stronger SEC, more investigators and 
more budget. But that's precisely what the role of the SEC is, and 
that's what it does. I know the Democrats are trying to divert attention 
from the major goal. And I hope they--I hope we can work together to get 
good legislation out. The important thing is to restore confidence to 
the economy, and we can. But--go ahead.

[[Page 1158]]

    Q. I just wonder if you think then that some of the companies that 
are in play today in terms of scandal could actually be places where the 
accounting was just----
    The President. Could be. It could be. It's not my role to judge, or 
the Congress' role to judge. It is the SEC's role to judge. And that's 
why we need a strong and vibrant SEC, to make those judgments. But I 
think it's pretty clear when somebody is trying to defraud. And it's--
when you've got an error of $3.4 billion, I think it was, it's a pretty 
clear indication that something might be there. But everybody ought to 
have their day in court. We ought not to rush to judgment on every 
single case that comes up. And the SEC ought to do its job and do it 
well.
    Thank you all very much.

Note: The President's news conference began at 5 p.m. in the James S. 
Brady Briefing Room at the White House. In his remarks, he referred to 
Usama bin Laden, leader of the Al Qaida terrorist organization; 
Assistant Secretary of State for Near Eastern Affairs William J. Burns; 
and Abu Sabaya, a leader of the Abu Sayyaf terrorist group who was 
killed June 21 by Philippine military forces. Reporters referred to 
Chairman Yasser Arafat of the Palestinian Authority; Gen. Tommy R. 
Franks, USA, commander in chief, U.S. Central Command; and President 
Saddam Hussein of Iraq.