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American Morning

President Bush on Way to Alabama to Talk About Economy

Aired July 15, 2002 - 09:05   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.
BILL HEMMER, CNN ANCHOR: President Bush is on his way to Alabama today to talk about the U.S. economy. He will try again to reassure investors that corporate America can be trusted. But Mr. Bush's own business dealings a decade ago back in the early '90s are still under scrutiny.

Senior White House correspondent John King is here with that.

John, good morning to you.

JOHN KING, CNN SR. WHITE HOUSE CORRESPONDENT: Good morning to you, Bill.

That scrutiny of the president's business past complicating efforts to move forward on the corporate corruption front in Washington and to convince the country that below the headlines, things like Enron and WorldCom, the U.S. economy is actually doing quite well. In Birmingham today, Mr. Bush will sit down with local businessmen, and that will be his message. He will say that consumer spending is quite strong, productivity is up, that overall the U.S. economy is growing, and that he believes the fundamentals are quite strong.

This an effort by the president to reinspire some confidence, if you will, a very tough week on Wall Street last week. It's been a tough few months on Wall Street. Mr. Bush trying to reassure the American people the economy is strong and that he is doing everything he can to make it stronger. That will be in Birmingham, Alabama. Back in Washington, still some Democrats, even a Republican, Senator Orrin Hatch of Utah, saying the president could be put this controversy behind him, if he would just ask the Securities and Exchange Commission to release the full file of an investigation it conducted back in early 1990s.

Mr. Bush at the time was investigated for the possibility of insider trading. No charges were filed. He was cleared, at least according to one memo from the SEC, said it was not enough evidence to proceed, but questions about the President's business past continue to be raised by his critics, and again, some here in Washington, think if the president wants to focus on the economy and look forward, he should have this file out in public about his past. So far, the White House answer is no, they don't think it's necessary -- Bill.

HEMMER: John, so no possibility of that file going public then at this point, is that your read?

KING: Wouldn't say no possibility. This is Washington. This debate continues. The White House certainly does not want it to be a distraction. But this question was raised back in 1994 when Mr. Bush was running for governor. The White House view now is that all the relevant documents, including the decision documents, what the SEC decided in the end that there was no case to go forward with, and the White House view that's enough. Some say let's see the investigative memos, let's see the internal back and forth. The White House position, and this White House is holding fast right now is no, that it does not believe that would be a appropriate.

HEMMER: Some tough, tough political fights there for the governor's position in the '90s in Texas, too. John, thank you. John King at the White House.

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