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Bush Speaks at Texas Economic Forum

Aired August 13, 2002 - 10:35   ET

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


DARYN KAGAN, CNN ANCHOR: Want to take you live now to Waco, Texas, to Baylor University, President Bush appearing at this economic forum, this particular conference on economic recovery and job creation.
Let's listen to the president.

(JOINED IN PROGRESS)

GEORGE W. BUSH, PRESIDENT OF THE UNITED STATES: ... requires a board of director and a compensation committee for understanding their responsibilities. I mean, you're right: Excessive executive pay sends confusing signals. When a guy -- when a company makes a merger, the executive makes a lot of money, the show -- (UNINTELLIGIBLE) something's wrong. And independent members of boards need to be tough in their responsibilities.

I don't think it's right for a government to regulate pay. I don't think that's a role for the federal government. It is a role for the federal government, however, to bring those to justice who break clear law -- and we will. And we will.

The other things that you mentioned is the recession. We were, history now has shown, we have three quarters of recession, three quarters of negative growth. And now we've had three quarters of positive growth, so the trend is in the right direction, which is important for Americans to understand, that on the list is a lot more to do.

One of the key things, as you mentioned, is this business about insurance. We got to get these projects going. We want these workers working. We want (UNINTELLIGIBLE) to put (UNINTELLIGIBLE) on the phone, saying what are doing about this insurance bill.

UNIDENTIFIED MALE: Mr. Johnson, I wonder if we could hear from you. You're in a business that touches every American every day, in the grocery business. Mr. President. So maybe we could hear from you.

BUSH: Yes.

KAGAN: Now it's our President Bush's turn to listen in as he meets with top business leaders, trying to come up with ideas of how to turn around the American economy. Once again, the session that he is sitting in right now is about economic recovery and job creation.

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