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CNN Live Today

House Passes Corporate Reform Legislation

Aired July 25, 2002 - 13:14   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
KYRA PHILLIPS, CNN ANCHOR: Within the last hour, the House of Representatives approved the deal worked out with the Senate to get tougher on corporate crooks. By the end of the week, the bill could arrive on the desk of President Bush. Mr. Bush has said that he wants the bill without delay to send a welcome sign to the markets.

For more on this from the White House now, we turn to our John King. Hi, John.

JOHN KING, CNN SENIOR WHITE HOUSE CORRESPONDENT: Hello to you, Kyra. The president commending the House for the overwhelming passage of that legislation, 423 votes in favor, three against, I believe the final count.

Mr. Bush quickly issuing a written statement. The president is traveling at this hour, making his way to North Carolina. His focus there will be medical malpractice and helping Republican candidates, but in this statement, the president commending the House for passing the corporate reform legislation.

The president says, -- quote -- "This legislation will protect investors, crack down on fraud and wrongdoing, and provide tough oversight of the accounting industry."

Mr. Bush goes on to say, "leaders in Congress heeded the call to put the interests of investors and employees first, and I look forward to prompt action by the Senate so that I can sign this important legislation into law."

Here at the White House, aides expect the president to do that by sometime early next week. They look for a big bipartisan signing ceremony here at the White House. They are hoping that sends a reassuring sign to investors that Washington will crack down, will put corrupt CEOs in prison if necessary, will oversee the accounting industry. There are some provisions in this compromised legislation that Mr. Bush initially opposed, but this is an issue now with enormous political momentum.

The president hoping to sign that legislation, again, by early next week here at the White House -- Kyra.

PHILLIPS: John King, thank you.

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