For Immediate Release Office of the
Press Secretary July 20, 2002
Radio Address of the President to the Nation
Audio
THE PRESIDENT: 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 two 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.
END
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