For Immediate Release
Office of Media Affairs
July 26, 2002
Economic Agenda Fact Sheet
In Alabama President Bush discussed his economic growth agenda and called
on Congress to send him strong corporate accountability legislation before they
leave for the August recess.
The President has called for a new ethic of responsibility in corporate America. This new ethic of responsibility must be based on the highest standards of conduct -- honesty and fairness, loyalty and lawfulness, and a commitment to excellence and integrity.
The Administration is enforcing high standards with the full power of the law. The corporate world must enforce standards by shaming those who break it. And every shareholder should demand high standards from corporations they ultimately own.The President has called for a new ethic of responsibility in corporate America.
This new ethic of responsibility must be based on the highest standards of conduct -- honesty and fairness, loyalty and lawfulness, and a commitment to excellence and integrity. The Administration is enforcing high standards with the full power of the law. The corporate world must enforce standards by shaming those who break it. And every shareholder should demand high standards from corporations they ultimately own.
The American economy is constructed on confidence - the confidence to invest and build, to take risks and create, and to produce and hire. The President wants to build the confidence of this economy by:
- Fostering long-term economic growth;
- Restraining runaway congressional spending; and
- Enforcing the highest ethical standards in corporate America.
Fostering Long-Term Economic Growth
Expanding Trade. Expanding trade means better jobs for American workers. For more than a year Congress has debated Trade Promotion Authority. During this period, other countries have expanded their markets while America has been forced to the sidelines of trade negotiations. It is time for Congress to stop talking and start acting. Congress should act now to give the President Trade Promotion Authority so that he can help create new and better American jobs.
Terrorism Insurance. Congress should send the President a terrorism insurance bill that assures that insurance companies help cover losses due to terrorist acts. Without terrorism insurance, construction projects are coming to a halt and workers are losing jobs. Congress should pass terrorism insurance and create jobs for workers, not trial lawyers.
Improving Education. A growing economy depends on a well-educated workforce. Too many public schools in America are not educating young people. The President earlier this year signed the No Child Left Behind Act, legislation which has begun a new and hopeful era for American education.
The President has an aggressive agenda to help foster long-term growth and prosperity,
and to help usher in a new era of integrity in American business. The President
wants to help ensure that everyone who wants a job can find one.
The President's has an aggressive, pro-growth agenda to help foster long-term economic growth and create new American jobs:
Making Tax Relief Permanent. Last year, we passed the largest tax cut in a generation which helped boost consumer spending at a critical time for our economy. To encourage growth in job creation, we must protect the lower tax rates we have enacted by making tax cuts permanent. That includes eliminating the death tax once and for all.
Discipline in Government Spending
The President will enforce fiscal discipline on Congress, because when spending is out of control, deficits increase and our economic growth is hindered. Congress must control its enormous appetite for excessive spending, so we can meet our national priorities without undermining our economy.
Four months ago the President submitted an urgent request to fund the war on terror and improve airport security. The Senate has held up that request because it wants billions more added for unrelated programs. Some Senators seem intent on funding anything and everything - except the things that matter most. In a time of war, our troops should not be starved for funds. In a national emergency, airline security should not be cut back. The Senate is refusing to act because it wants to spend billions of more dollars on unnecessary programs. It is holding up spending on what we do need in order to pay for things we don't need. The Senate must end its addiction to spending while still funding essential programs of our government.
The Senate has also failed to pass a budget framework for the upcoming fiscal year. The Senate is returning to business as usual - and we must not allow it to go on a spending binge that will damage our economy. Unless the Congress controls its spending, we will face a decade of deficits, and the President will insist on discipline in federal spending.
Restoring Public Confidence in Corporate America
The President has proposed far-reaching corporate reforms to help enforce the highest ethical standards for American businesses. These reforms include:
Doubling jail time for financial fraud.
Creating a Corporate Fraud Task Force to expose corporate crime and punish corporate wrongdoers.
Ensuring that corporate executives cannot transfer company funds to their personal accounts while their company is under investigation.
Significantly increasing the number of enforcement officers at the SEC.
Ensuring that executives who commit improper acts forfeit their phony profits.
Creating a strong, independent board that will provide effective oversight of the accounting profession.
Implementing tough new rules to ensure that research analysts are independent. Analysts should be trustworthy advisors, not conflicted salesmen with hidden agendas.
Challenging every CEO in America to describe in the company's annual report - prominently and in plain English - details of his or her salary, bonuses, and benefits.