"My Administration pressed for greater corporate
integrity. A united Congress has written it into law. And today I
sign the most far-reaching reforms of American business practices
since the time of Franklin Delano Roosevelt. This new law sends very
clear messages that all concerned must heed. This law says to every
dishonest corporate leader: you will be exposed and punished; the
era of low standards and false profits is over; [and] no boardroom
in America is above or beyond the law." - President George W.
Bush, July 30, 2002
Greater Corporate Accountability
President Bush signed the most sweeping corporate accountability
reforms since Franklin Roosevelt.
The President created the Corporate Fraud Task Force to investigate
and prosecute corporate fraud. Federal prosecutors have filed
more than 400 corporate fraud cases, charged over 900 defendants,
including more than 60 corporate CEOs and company presidents, with
a crime involving corporate fraud, and secured convictions or guilty
pleas against more than 500 of these defendants.
The Security and Exchange Commissions (SEC) enforcement division
has filed almost 800 enforcement actions for violations of the
Federal securities laws and sought to bar a record number of
directors and officers from serving in leadership capacities of public
The SEC has also responded swiftly to the mutual fund abuses
that came to light last year. The SEC filed 41 enforcement actions
related to the abuse, obtaining close to $1 billion in penalties,
which will be returned to investors.
Protecting Consumer Privacy
In order to combat the problem of identity theft, one of the fastest
growing financial crimes, President Bush signed the Identity Theft
Penalty Enhancement Act, which dramatically strengthens the fight
against identity theft and fraud. The law also prescribes prison
sentences for those who use identity theft to commit other crimes,
President Bush helped launch the national "Do Not Call"
Registry. More than 62 million phone numbers have been registered.
Millions of Americas consumers, businesses, and families
have been provided legal protection against unsolicited commercial
e-mail through the Controlling the Assault of Non-Solicited Pornography
and Marketing Act of 2003 (CAN-SPAM Act).