[Weekly Compilation of Presidential Documents Volume 38, Number 31 (Monday, August 5, 2002)]
[Page 1286]
[Online from the Government Publishing Office, www.gpo.gov]
<R04>
Statement on Signing the Sarbanes-Oxley Act of 2002
July 30, 2002
Today I have signed into law H.R. 3763, ``An Act to protect
investors by improving the accuracy and reliability of corporate
disclosures made pursuant to the securities laws, and for other
purposes.'' The Act adopts tough new provisions to deter and punish
corporate and accounting fraud and corruption, ensure justice for
wrongdoers, and protect the interests of workers and shareholders.
Several provisions of the Act require careful construction by the
executive branch as it faithfully executes the Act.
The legislative purpose of sections 302, 401, and 906 of the Act,
relating to certification and accuracy of reports, is to strengthen the
existing corporate reporting system under section 13(a) and 15(d) of the
Securities Exchange Act of 1934. Accordingly, the executive branch shall
construe this Act as not affecting the authority relating to national
security set forth in section 13(b) of the Securities Exchange Act of
1934.
To ensure that no infringement on the constitutional right to
petition the Government for redress of grievances occurs in the
enforcement of section 1512(c) of title 18 of the U.S. Code, enacted by
section 1102 of the Act, which among other things prohibits corruptly
influencing any official proceeding, the executive branch shall construe
the term ``corruptly'' in section 1512(c)(2) as requiring proof of a
criminal state of mind on the part of the defendant.
Given that the legislative purpose of section 1514A of title 18 of
the U.S. Code, enacted by section 806 of the Act, is to protect against
company retaliation for lawful cooperation with investigations and not
to define the scope of investigative authority or to grant new
investigative authority, the executive branch shall construe section
1514A(a)(1)(B) as referring to investigations authorized by the rules of
the Senate or the House of Representatives and conducted for a proper
legislative purpose.
George W. Bush
The White House,
July 30, 2002.
Note: H.R. 3763, approved July 30, was assigned Public Law No. 107-204.