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For Immediate Release
Office of the Press Secretary
July 9, 2002
Summary: A New Ethic of Corporate Responsibility
Corporate Responsibility
Portal Page
A New Ethic of Corporate Responsibility
Today in New York President Bush will call for a new ethic of responsibility in America's corporate community. The President wants to expose and punish acts of corruption, move corporate accounting out of the shadows, and protect small investors and pension holders. The President will unveil tough new criminal penalties and enforcement provisions to punish those who refuse to play by the rules and threaten to undermine the integrity of our financial markets:
The President's Comprehensive Corporate Reform Agenda
Today's tough new enforcement initiatives build on the 10-point reform plan the President announced in March. The President has an aggressive corporate reform agenda:
Exposing and Punishing Acts of Corruption -- Holding Corporate
Officers More Accountable
The Administration will use the full weight of the
law to expose and punish corruption. Corporate officers hold offices
of high trust and they should face stiffer penalties when they
break the law. Corporate leaders who violate the public trust
should never be given that trust again. The President proposes to:
Moving Corporate Accounting out of the Shadows
The investing public
needs a true, fair, timely and accurate picture of the assets,
liabilities and income of publicly-traded companies. Greater
transparency will expose bad companies and protect the reputations of
good ones. Firms must attract investment by demonstrating their
strengths, not by hiding their weaknesses.
Protecting small investors and pension holders & Improving Investor Information
More than 80 million Americans own stock and many of
them are new to the market. Buying stock gives Americans the
opportunity to build wealth over the long term and create
brighter futures for themselves and their families. To
encourage stock ownership, we must make sure that analysts give
honest advice, based on honest accounting, and honest and timely
information. In addition, employees should be afforded protections in
the administration of their 401(K) plans so that they have
meaningful information, flexibility and confidence in their holdings.
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