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CNN Sunday Morning

Bush Urges Congress to Pass Corporate Reform Bill by August

Aired July 21, 2002 - 10:06   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.
MILES O'BRIEN, CNN ANCHOR: We're talking about corporate responsibility and Wall Street worries. President Bush is urging Congress to approve legislation that would toughen penalties for wrongdoing and increased corporate accountability. He wants to sign a bill before Congress goes home for the summer. Mr. Bush is also trying to soothe investors' fears in the wake of last week's dramatic stock market plunge. CNN White House correspondent Suzanne Malveaux has more on that. Hello again, Suzanne.

SUZANNE MALVEAUX, CNN WHITE HOUSE CORRESPONDENT: Hello, Miles.

The president left for Camp David this weekend, hoping to leave behind questions about his own business dealings as the director of Harken Energy Group more than a dozen years ago. But as you can imagine, the administration has been dogged by questions about Mr. Bush's own corporate ethics. We've also seen, as you mentioned before, that plunging stock market.

The president spent the better part of this week -- we anticipate next week as well -- to talk about the positive economic indicators, the low interest rate, low inflation, positive growth, trying to boost investor confidence. He is also urging members of Congress to pass the corporate reform bill. He hopes to get that on his desk. He wants it signed fairly soon. He wants to get that bill on his desk before the August recess. He is really pushing very hard for that. We expect to hear more about that this week as well.

And also, the homeland security bill. This is another focus of the administration. We expect that the full House will see a version that is very similar to the president's own version.

There are some fine details, however. The Democrats are hoping for some revisions. One sticking point is that they are concerned that some of the homeland security employees are going to have a second class citizenship -- membership. They're not going to be able to enjoy the same civil protections as some of these other employees.

Well, Homeland Security Director Tom Ridge addressed some of those concerns this morning.

(BEGIN VIDEO CLIP)

TOM RIDGE, HOMELAND SECURITY DIRECTOR: The president seeks to give the new management team of the new Department of Homeland Security the maximum ability to use the men and women in this department, as well as the financial resources committed to homeland security, in as effective way as possible. The president has requested the freedom to manage for the new secretary and his team. That means the ability to hire people, not only from within the public sector, but from the private sector, to reorganization government in the most effective way possible.

(END VIDEO CLIP)

MALVEAUX: The House and Senate both still have to work out their differences in conference committee, but both sides say that they want to have something passed by the September 11 anniversary -- Miles.

O'BRIEN: Suzanne Malveaux at the White House, thank you very much.

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