[Weekly Compilation of Presidential Documents Volume 39, Number 3 (Monday, January 20, 2003)]
[Pages 59-60]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
The President's Radio Address

January 11, 2003

    Good morning. As a new Congress convenes, we must take steps to 
speed up the economic recovery and to strengthen public confidence in 
the integrity of American corporations. This week in Chicago, I 
announced my growth-and-jobs plan, specific proposals to help workers, 
employers, and investors across America.
    For unemployed Americans whose benefits expired on December 28th, I 
asked Congress to act to extend those benefits. Congress did so quickly, 
and I signed the extension of unemployment benefits into law this week.
    For Americans who face the greatest difficulty finding work, I 
propose special reemployment accounts. These accounts will provide up to 
$3,000 to help pay for training, moving expenses, or other costs of 
finding a job.
    For all income-tax payers, I propose speeding up the tax cuts 
already approved by Congress, because Americans need that relief today. 
Instead of gradually reducing the marriage penalty between now and 2009, 
we should do it now. Instead of waiting until 2008 to move more 
taxpayers from the 15-percent bracket to the 10-percent bracket, we 
should make that change now. Instead of slowly raising the child credit 
to $1,000 by 2010, we should raise it now. When these changes are made, 
92 million Americans will keep an average of $1,083 more of their own 
money.
    And for America's 84 million investors and those who will become 
investors, I propose eliminating the double taxation on stock dividends. 
Double taxation is unfair and bad for our economy. It falls especially 
hard on seniors, many of whom rely on dividends for a steady source of 
income in their retirement. Abolishing double taxation of dividends will 
leave nearly 35 million Americans with more of their own money to spend 
and invest, which will promote savings and return as much as $20 billion 
this year to the private economy.
    Overall, my tax cut proposals will add nearly $59 billion to the 
economy in 2003 alone.
    Our Government is also acting to restore investor confidence in the 
integrity and honesty of corporate America. In response to the abuses of 
some corporations, we passed serious reforms, and we will vigorously 
enforce them. Our Corporate Fraud Task Force has obtained convictions or 
guilty pleas in over 50 cases. More than 160 defendants have been 
charged with criminal or civil wrongdoing. And 130 new corporate fraud 
investigations have been launched.
    In my budget for the coming year, I will also propose major 
increases in funding for the prosecutors of corporate crime. My 2004 
budget funding for the Securities and Exchange Commission will be 73 
percent higher than 2002 levels. This will allow the agency to hire 
hundreds of new accountants, lawyers, and examiners.
    I'm also requesting an extra $25 million for the Department of 
Justice to expand the corporate fraud investigations. This will allow 
the Department to create 118 new positions in the FBI, including 56 
agents. In addition, 94 new people will be hired to serve in the U.S. 
attorneys' offices and legal divisions across the Nation.
    The SEC and Justice Department are the referees of corporate 
conduct. Under my budget, they will have every resource they need to 
enforce the laws that punish fraud and protect investors.
    I ask the Congress to support these enforcement measures and to pass 
my growth-and-jobs plan as soon as possible. Our country has made great 
progress in restoring investor confidence and putting the recession 
behind us. We cannot be satisfied, however, until every corporate 
wrongdoer is held to account, and every part of our economy is

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strong, and every person who wants to work can find a job.
    Thank you for listening.

Note: The address was recorded at 10:45 a.m. on January 10 in the 
Cabinet Room at the White House for broadcast at 10:06 a.m. on January 
11. The transcript was made available by the Office of the Press 
Secretary on January 10 but was embargoed for release until the 
broadcast. The Office of the Press Secretary also released a Spanish 
language transcript of this address.