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CNN Sunday Morning

White House Concerned About Stock Markets, Homeland Security

Aired July 21, 2002 - 11:08   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.
FREDRICKA WHITFIELD, CNN ANCHOR: A new workweek begins with heightened concerns after the stock market tanked to its lowest level in years on Friday. Many eyes are on Wall Street and on Washington to see what will happen next. CNN White House correspondent Suzanne Malveaux joins us with details on the efforts from there. Hi there, Suzanne.

SUZANNE MALVEAUX, CNN WHITE HOUSE CORRESPONDENT: Hello there, Fredricka.

Well, the president left for Camp David hoping to leave behind some of those questions about his own business dealings when he was the director of Harken Energy Group more than a dozen years ago. The administration saying those questions are purely political -- and rather the allegations meritless. The administration was dogged by questions throughout the week.

Also, as you noted, the plummeting stock market. The message is going to be clear from this administration saying, look at the positive economic indicators, hoping to boost investor confidence. Look at the lower interest rates, lower inflation and greater growth.

Also, they're going to encourage Congress to push forward this kind of corporate reform, that legislation, get it to the president's desk, hopefully before the August recess. Those are the messages that the administration wants to put out there this week.

Also, they're focusing on homeland security, to get that bill pushed forward and passed before the September 11 terrorist anniversary. This is something that the administration has made a top priority. What we're going to see this week will be a version that's going to be taken to the full House, this is a version very similar to what the president proposed from the very beginning, but there are some problems, some revisions that the Democrats see with this particular bill.

Specifically, they are worried that some of these homeland security employees will really have kind of a second-class membership, that they'll lose some of their civil protections, that is a main concern. Well, today, Homeland Security Director Tom Ridge addressed that 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.

(END VIDEO CLIP)

MALVEAUX: It is a major priority for this administration, really, to push forward, to boost investor confidence in the economy. They hope to have that turned around, and as you know, there are a lot of nervous investors looking at the markets when they open this Monday after two really bad weeks.

And on the other side, homeland security, getting that forward, moving that forward. They're hoping that it will go to conference some time in the next week or so, that that will get to the president's desk as well. They want to have something signed and in place by that September 11 self-imposed deadline -- Fred.

WHITFIELD: All right, Suzanne. Thanks very much.

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