[Weekly Compilation of Presidential Documents Volume 38, Number 29 (Monday, July 22, 2002)]
[Page 1208]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
Statement on Senate Action on the Proposed ``Public Company Accounting 
Reform and Investor Protection Act of 2002''

July 15, 2002

    In February, I outlined measures to protect the pensions of 
America's workers from corporate wrongdoing. In March, I proposed a 
series of initiatives to improve shareholder information, strengthen 
corporate governance, and create a stronger, more independent accounting 
system. Last week, I called for additional far-reaching reforms. I am 
pleased the Senate has now acted on a tough bill that shares my goals 
and includes all of the accounting and criminal reforms I proposed. The 
House previously passed strong reform legislation to get tough on 
corporate malfeasance and significantly improve oversight of the 
accounting profession. I urge the House and Senate leaders to get a bill 
to my desk before the August recess. We owe it to America's workers and 
shareholders to crack down on wrongdoing and fix the system to prevent 
future abuses.

Note: The statement referred to S. 3763, the proposed ``Public Company 
Accounting Reform and Investor Protection Act of 2002.''