Congresswoman Nancy Pelosi

Pelosi: President Needs to Back Rhetoric with Action Against Corporate Wrongdoing

July 9, 2002

"The President’s speech today did not even meet the minimum standard of leadership on corporate accountability. Instead of supporting the strong bipartisan reform bill sponsored by Senator Sarbanes, his speech today set the tone of business as usual.

The President is right that chief executive officers set the ethical direction and moral tone for their companies. He is right that every CEO should describe in the company's annual report, prominently and in plain English, details of his or her compensation package. Now, the President should follow his own advice and describe, prominently and in plain English, what his Administration will do to restore confidence in our financial markets. Today’s speech did not meet that test - he engaged in rhetoric when what this country needs is real reform."


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