[Weekly Compilation of Presidential Documents Volume 38, Number 30 (Monday, July 29, 2002)]
[Pages 1237-1238]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
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 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.

[[Page 1238]]

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.