Home > 2002 Presidential Documents > pd08jy02 Message to the Congress Transmitting a Report on the National Emergency...pd08jy02 Message to the Congress Transmitting a Report on the National Emergency...
Monday, July 8, 2002
Volume 38--Number 27
Pages 1111-1143
Week Ending Friday, July 5, 2002
The President's Radio Address
June 29, 2002
Good morning. This week, we learned of another deeply troubling
accounting scandal at a major American corporation. Reports allege that
the company hid nearly $4 billion in expenses and reported profits when
it may have actually lost more than a billion dollars. The Securities
and Exchange Commission immediately filed suit against the company to
preserve documents so that a complete and thorough investigation can
take place and to ensure that the company cannot give massive payments
to executives during the investigation.
Despite recent abuses of the public's trust, our economy remains
fundamentally sound and strong, and the vast majority of businesspeople
are living by the rules. Yet, confidence is the cornerstone of our
economic system, so a few bad actors can tarnish our entire free
enterprise system. We must have rules and laws that restore faith in the
integrity of American business. The Government will fully investigate
reports of corporate fraud and hold the guilty parties accountable for
misleading shareholders and employees. Executives who commit fraud will
face financial penalties, and when they are guilty of criminal
wrongdoing, they will face jail time.
In March, I unveiled a 10-point plan designed to enhance the
economic security of Americans by providing better information to
investors, making corporate officers more accountable, and delivering a
stronger, more independent auditing system. Among other measures, the
plan would give the Securities and Exchange Commission two critical
tools to hold corporate officers accountable.
First, corporate officers who personally benefit from false
accounting statements should lose all the money gained by their fraud.
An executive whose salary or bonus is tied to his company's performance
makes more money when the company has done well. That is fair when all
of the accounting is done aboveboard. Yet, when bad accounting practices
make the company appear to be more successful than it actually is,
corporate executives should lose their phony profits gained at the
expense of employees and stockholders.
Second, corporate leaders who violate the public's trust should
never be given that trust
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again. The Securities and Exchange Commission should be able to punish
corporate leaders who clearly abuse their powers by banning them from
ever serving again as officers or directors of publicly held
corporations.
Since my call for action, the Securities and Exchange Commission has
sought to take away the profits of senior executives from four different
companies. And in this fiscal year, the SEC has sought to bar 54
officers and directors. On Thursday, the SEC ordered the CEOs and CFOs
of the 1,000 largest public companies to certify that the financial
information they submitted in the last year was fair and accurate.
In addition to bringing a new measure of accountability to American
businesses, my administration is committed to protecting the retirement
savings of American workers. The plan I unveiled in February would give
workers greater freedom to diversify and manage their own retirement
funds. It would ensure that corporate executives are held to the same
restrictions as workers during blackout periods, when employees are
prohibited from trading in their accounts. It would give workers
quarterly information about their investments, and it would expand
workers' access to investment advice. These measures should give
American workers confidence that their investments will not fall prey to
unethical executives.
America is ushering in a new era of responsibility, and that ethic
of responsibility must extend to America's boardrooms. I want every
American to know that the vast majority of businesspeople are honest
individuals who do right by the employees and their shareholders. The
unethical actions of a few should not be allowed to call into question
our whole free enterprise system.
No violation of the public's trust will be tolerated. The Federal
Government will be vigilant in prosecuting wrongdoers to ensure that
investors and workers maintain the highest confidence in American
business.
Thank you for listening.
Note: The address was recorded at 10:50 a.m. on June 28 in the Cabinet
Room at the White House for broadcast at 10:06 a.m. on June 29. The
transcript was made available by the Office of the Press Secretary on
June 28 but was embargoed for release until the broadcast. The Office of
the Press Secretary also released a Spanish language transcript of this
address.
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Monday, July 8, 2002
Volume 38--Number 27
Pages 1111-1143
Week Ending Friday, July 5, 2002
Letter to Congressional Leaders on the Temporary Transfer of the Powers
and Duties of President of the United States
June 29, 2002
Dear Mr. Speaker: (Dear Mr. President:)
As my staff has previously communicated to you, I will undergo this
morning a routine medical procedure requiring sedation. In view of
present circumstances, I have determined to transfer temporarily my
Constitutional powers and duties to the Vice President during the brief
period of the procedure and recovery.
Accordingly, in accordance with the provisions of Section 3 of the
Twenty-Fifth Amendment to the United States Constitution, this letter
shall constitute my written declaration that I am unable to discharge
the Constitutional powers and duties of the office of President of the
United States. Pursuant to Section 3, the Vice President shall discharge
those powers and duties as Acting President until I transmit to you a
written declaration that I am able to resume the discharge of those
powers and duties.
Sincerely,
George W. Bush
Note: Letters were sent to J. Dennis Hastert, Speaker of the House of
Representatives, and Robert C. Byrd, President pro tempore of the
Senate. The Office of the Press Secretary released the text of both
letters. Originals were not available for verification of the content of
the letters.
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Monday, July 8, 2002
Volume 38--Number 27
Pages 1111-1143
Week Ending Friday, July 5, 2002
Letter to Congressional Leaders on Resuming the Powers and Duties of
President of the United States
June 29, 2002
Dear Mr. Speaker: (Dear Mr. President:)
In accordance with the provisions of Section 3 of the Twenty-Fifth
Amendment to the United States Constitution, this letter shall
constitute my written declaration that I am presently able to resume the
discharge of the Constitutional powers and duties of
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the office of President of the United States. With the transmittal of
this letter, I am resuming those powers and duties effective
immediately.
Sincerely,
George W. Bush
Note: Letters were sent to J. Dennis Hastert, Speaker of the House of
Representatives, and Robert C. Byrd, President pro tempore of the
Senate. The Office of the Press Secretary released the text of both
letters. Originals were not available for verification of the content of
the letters.
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Monday, July 8, 2002
Volume 38--Number 27
Pages 1111-1143
Week Ending Friday, July 5, 2002
Proclamation 7575--Lewis and Clark Bicentennial
June 28, 2002
By the President of the United States
of America
A Proclamation
Nearly 200 years ago, President Thomas Jefferson sent an expedition
westward to find and map a transcontinental water route to the Pacific
Ocean. With approval from the Congress, Captains Meriwether Lewis and
William Clark embarked on their legendary 3-year journey to explore the
uncharted West. The expedition included 33 permanent party members,
known as the Corps of Discovery.
Their effort to chart the area between the Missouri River and the
Pacific Coast set these courageous Americans on a remarkable scientific
voyage that changed our Nation. In successfully completing the overland
journey between the Missouri and Columbia River systems, they opened the
unknown West for future development. During their exploration, Lewis and
Clark collected plant and animal specimens, studied Indian cultures,
conducted diplomatic councils, established trading relationships with
tribes, and recorded weather data. To accomplish their goals, the Corps
of Discovery relied on the assistance and guidance of Sakajawea, a
Shoshone Indian woman.
As we approach the 200th anniversary of Lewis and Clark's
expedition, we commend their resourcefulness, determination, and
bravery. This Bicentennial should also serve to remind us of our
Nation's outstanding natural resources. Many of these treasures first
detailed by Lewis and Clark are available today for people to visit,
study, and enjoy. As the commemoration of this journey begins in 2003, I
encourage all Americans to celebrate the accomplishments of Lewis and
Clark and to recognize their contributions to our history.
Now, Therefore, I, George W. Bush, President of the United States of
America, by virtue of the authority vested in me by the Constitution and
laws of the United States, do hereby designate 2003 through 2006 as the
Lewis and Clark Bicentennial. I ask all Americans to observe this event
with appropriate activities that honor the achievements of the Lewis and
Clark Expedition. I also direct Federal agencies to work in cooperation
with each other, States, tribes, communities, and the National Council
of the Lewis and Clark Bicentennial to promote educational, cultural,
and interpretive opportunities for citizens and visitors to learn more
about the natural, historical, and cultural resources that are
significant components of the Lewis and Clark story.
In Witness Whereof, I have hereunto set my hand this twenty-eighth
day of June, in the year of our Lord two thousand two, and of the
Independence of the United States of America the two hundred and twenty-
sixth.
George W. Bush
[Filed with the Office of the Federal Register, 11:44 a.m., July 2,
2002]
Note: This proclamation was released by the Office of the Press
Secretary on July 1, and it was published in the Federal Register on
July 3.
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Monday, July 8, 2002
Volume 38--Number 27
Pages 1111-1143
Week Ending Friday, July 5, 2002
Memorandum on Emergency Military Counterterrorism Assistance to the
Armed Forces of the Philippines
June 28, 2002
Presidential Determination No. 2002-24
Memorandum for the Secretary of State, the Secretary of Defense
Subject: Presidential Determination to Authorize the Furnishing of
Emergency Military Counterterrorism Assistance to the Armed Forces of
the Philippines
Pursuant to the authority vested in me by section 506(a)(1) of the
Foreign Assistance Act of 1961, as amended, 22 U.S.C. 2318(a)(1) (the
``Act''), I hereby determine that:
(1) an unforeseen emergency exists that requires immediate
military counterterrorism assistance to the Armed Forces of
the Philippines; and
(2) the emergency requirement cannot be met under the authority
of the Arms Export Control Act or any other law except
506(a) of the Act.
I therefore direct the drawdown of up to $10 million of defense
articles and services from the inventory and resources of the Department
of Defense to the Philippines for counterterrorism assistance.
The Secretary of State is authorized and directed to report this
determination to the Congress and to arrange for its publication in the
Federal Register.
George W. Bush
Note: This memorandum was released by the Office of the Press Secretary
on July 1.
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