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President Bush to Address Corporate Responsibility

Aired July 08, 2002 - 14:52   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: Now we will take it back to the White House. John King standing by to talk more about what the president may have to say at 5:00 Eastern time tonight. Hi, John.

JOHN KING, CNN SR. WHITE HOUSE CORRESPONDENT: Hello to you, Kyra. You can bet the ranch that the president will address this whole issue of corporate responsibility. His big speech is tomorrow on Wall Street. We are told the president's opening statement in this news conference in the White House briefing room at 5:00 this afternoon will be to push Congress to act on White House legislative priorities. And while there are some differences, as Jon Karl just noted, on the approaches, corporate responsibility has now moved to the top of the White House legislative wish list. So the president will touch on that.

He will also, we are told, urge Congress to move on some budget matters, also urge Congress to move on the new department of homeland security that the president wants. The question-and-answer session certainly will get into the president's speech tomorrow on corporate responsibility. And we are told that in that speech, the president will propose criminal penalties. Right now, there are civil penalties if a corporate CEO deliberately lies in a company financial statement. Mr. Bush will put on the table tomorrow a proposal that there be criminal penalties, and that those officials could go to jail.

Other subjects likely to come up in this meeting: obviously, the homeland security issue, the terrorist threat overseas. The president will be taking questions from reporters. So while he tries to focus on his legislative priorities, including this very political controversial, right now, issue of corporate responsibility, we will see where the questions go when the president wanders into the briefing room later this afternoon.

PHILLIPS: John King, live from the White House, thank you. Once again, about 5:00 p.m. Eastern time, we will bring it to you live.

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