[Weekly Compilation of Presidential Documents Volume 38, Number 29 (Monday, July 22, 2002)]
[Pages 1189-1190]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
The President's Radio Address

July 13, 2002

    Good morning. Congress came back to Washington this week, and they 
have a lot of work ahead of them before the August vacation. I urge the 
Congress to join me in acting to achieve three big goals: We need to win 
the war; we need to protect our homeland; and we must strengthen our 
economy.
    Winning the war and protecting the homeland require a sustained 
national commitment. More than 100 days ago, I asked Congress to pass 
emergency funding to equip our Armed Forces and strengthen security at 
our airports. The Department of Defense and the new Transportation 
Security Administration are still waiting for the money. Without prompt 
congressional action, our military will need to start cannibalizing 
spare parts to keep equipment running; the Transportation Security 
Administration will have to suspend the purchase and installation of up 
to 1,100 bomb detection systems; and the FAA may have to furlough up to 
35,000 air traffic employees.
    Congress must fund our troops while they're fighting a war, and 
Congress must provide funds to continue improving security at our 
airports. Congress also must 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. Congress should send the Defense bill to my desk by the end of 
this month.
    These bills are critical. Yet, quick action on them does not and 
should not preclude simultaneous progress on other legislation. Creating 
more jobs and strengthening our economy are an urgent part of our 
agenda.
    Congress can act to create jobs by giving me trade promotion 
authority, which will allow me to open up foreign markets to American 
goods and create better American jobs. For the sake of long-term growth 
and job creation, I ask Congress to make last year's tax reductions 
permanent. And I ask Congress to work with me to pass a terrorism 
insurance bill, to give companies the security they need to expand and 
create jobs through new building projects.
    Perhaps the greatest need for our economy at this moment is 
restoring confidence in the integrity of the American business leaders. 
Nearly every week brings news of greater productivity or strong consumer 
spending but also a discovery of fraud and scandal, problems long in the 
making and now coming to light.
    This week, I announced new steps my administration is taking to 
crack down on corporate fraud. I proposed doubling jail time for 
financial fraud. I am creating a new task force at the Justice 
Department to aggressively investigate corporate crime. I'm requesting 
an additional $100 million to give the SEC the manpower and the 
technology it needs to better enforce the law. This year, the SEC has 
acted to bar 71 officers and directors from ever again serving as a 
director of a public company. All of these measures are in addition to 
the comprehensive plans I announced and the House passed to protect 
worker pensions and to make CEOs more accountable.
    As part of this crackdown, I support the creation of a strong, 
independent board that will provide effective oversight of the 
accounting profession. This board would have the ability to monitor, 
investigate, and enforce high ethical principles by punishing individual 
offenders. My administration is working with congressional leaders in 
both parties to pass legislation that will protect workers and 
shareholders and investors. I am pleased that the Senate approved 
several of my new proposals this week. The Senate, the House, and my 
administration will not stop working until a final bill is passed.
    Strengthening the economy and protecting the homeland and fighting 
the war on terror

[[Page 1190]]

are critical issues that demand prompt attention. I urge the Congress to 
act on all these issues before they adjourn for their August recess.
    Thank you for listening.

Note: The address was recorded at 10:25 a.m. on July 12 in the Cabinet 
Room at the White House for broadcast at 10:06 a.m. on July 13. The 
transcript was made available by the Office of the Press Secretary on 
July 12 but was embargoed for release until the broadcast. The Office of 
the Press Secretary also released a Spanish language transcript of this 
address.