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For Immediate Release
Office of the Press Secretary
January 11, 2003

Fact Sheet: Restoring Economic Confidence and Tackling Corporate Fraud

Today's Presidential Action

In his weekly Radio Address to the nation, President Bush announced that his Budget includes major increases in funding to crack down on corporate fraud. The President is providing historic levels of funding to allow federal investigators, prosecutors, and regulators to fully enforce the dramatically enhanced corporate governance reforms the President signed into law last year.

Background on Today's Presidential Action

Earlier this week, President Bush announced a growth and jobs plan to strengthen the American economy, and called on Congress to act swiftly to pass it. The President's economic agenda will encourage consumer spending that will continue to boost the economic recovery; promote investment by individuals and businesses that will lead to economic growth and job creation; and deliver critical help to unemployed citizens.

In announcing his jobs and growth plan, President Bush also stressed that addressing corporate fraud will play a vital role in restoring economic growth. The President said, "Corporate greed and malfeasance cause innocent people to lose their jobs, their savings, and often their confidence in the American system."

In March 2002, the President announced his "Ten-Point Plan to Improve Corporate Responsibility and Protect America's Shareholders," based on three core principles: information accuracy and accessibility, management accountability, and auditor independence. Following the President's proposals, the SEC took decisive action to propose rules and adopt policies consistent with all ten of the President's reforms.

In July 2002, President Bush signed into law the bipartisan Oxley-Sarbanes corporate accountability legislation that will expose and punish acts of corruption, restore confidence in corporate America, and protect small investors. The law gives federal officials new abilities to crack down on fraud and wrongdoing and provides for tough oversight of the accounting industry.

President Bush today announced major increases in funding to ensure that resources are available to crack down on corporate fraud and to implement important corporate accountability reforms:


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