Throughout our Nation's history, Americans have been steadfast in their efforts to build a country of liberty, peace, and opportunity for all. As we act to lift the dark cloud of terror from our Nation and the world, we reaffirm our determination to preserve our Forefathers' legacy of freedom. In doing so, we honor their legacy as we move forward into the 21st century.

On this Independence Day we pay special tribute to all those currently serving in the Armed Forces and to our veterans.

Their contributions have been critical to the defense of our country, and our Nation is grateful.

Laura joins me in extending best wishes for a safe and memorable Independence Day. May God bless you, and may God continue to bless America.

GEORGE W. BUSH

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The President's Radio Address June 29, 2002

Good morning. This week we learned of another deeply troubling accounting scandal at a major American corporation. Reports allege that the company hid nearly $4 billion in expenses and reported profits when it may have actually lost more than a billion dollars. The Securities and Exchange Commission immediately filed suit against the company to preserve documents so that a complete and thorough investigation can take place and to ensure that the company cannot give massive payments to executives during the investigation.

Despite recent abuses of the public's trust, our economy remains fundamentally sound and strong, and the vast majority of businesspeople are living by the rules. Yet, confidence is the cornerstone of our economic system, so a few bad actors can tarnish our entire free enterprise system. We must have rules and laws that restore faith in the integrity of American business. The Government will fully investigate reports of corporate fraud and hold the guilty parties accountable for misleading shareholders and employees. Executives who commit fraud will face financial penalties, and when they are guilty of criminal wrongdoing, they will face jail time.

In March, I unveiled a 10-point plan designed to enhance the economic security of Americans by providing better information to investors, making corporate officers more accountable, and delivering a stronger, more independent auditing system. Among other measures, the plan would give the Securities and Exchange Commission two critical tools to hold corporate officers accountable.

First, corporate officers who personally benefit from false accounting statements should lose all the money gained by their fraud. An executive whose salary or bonus is tied to his company's performance makes more money when the company has done well. That is fair when all of the accounting is done aboveboard. Yet, when bad accounting practices make the company appear to be more successful than it actually is, corporate executives should lose their phony profits gained at the expense of employees and stockholders.

Second, corporate leaders who violate the public's trust should never be given that trust again. The Securities and Exchange Commission should be able to punish corporate leaders who clearly abuse their powers by banning them from ever serving

In addition to bringing a new measure of accountability to American businesses, my administration is committed to protecting the retirement savings of American workers. The plan I unveiled in February would give workers greater freedom to diversify and manage their own retirement funds. It would ensure that corporate executives are held to the same restrictions as workers during blackout periods, when employees are prohibited from trading in their accounts. It would give workers quarterly information about their investments, and it would expand workers' access to investment advice. These measures should give American workers confidence that

their investments will not fall prey to unethical executives.

America is ushering in a new era of responsibility, and that ethic of responsibility must extend to America's boardrooms. I want every American to know that the vast majority of businesspeople are honest individuals who do right by the employees and their shareholders. The unethical actions of a few should not be allowed to call into question our whole free enterprise system.

No violation of the public's trust will be tolerated. The Federal Government will be vigilant in prosecuting wrongdoers to ensure that investors and workers maintain the highest confidence in American busi

ness.

Thank you for listening.

NOTE: The address was recorded at 10:50 a.m. on June 28 in the Cabinet Room at the White House for broadcast at 10:06 a.m. on June 29. The transcript was made available by the Office of the Press Secretary on June 28 but was embargoed for release until the broadcast. The Office of the Press Secretary also released a Spanish language transcript of this address.

Dear Mr. Speaker: (Dear Mr. President:)

As my staff has previously communicated to you, I will undergo this morning a routine medical procedure requiring sedation. In view of present circumstances, I have determined to transfer temporarily my Constitutional powers and duties to the Vice President during the brief period of the procedure and recovery.

Accordingly, in accordance with the provisions of Section 3 of the Twenty-Fifth Amendment to the United States Constitu

tion, this letter shall constitute my written declaration that I am unable to discharge the Constitutional powers and duties of the office of President of the United States. Pursuant to Section 3, the Vice President shall discharge those powers and duties as Acting President until I transmit to you a written declaration that I am able to resume the discharge of those powers and duties.

Sincerely,

GEORGE W. BUSH

The following list includes the President's public schedule and other items of general interest announced by the Office of the Press Secretary and not included elsewhere in this book.

January 1

In the morning, at the Bush Ranch in Crawford, TX, the President had an intelligence briefing.

The President issued an emergency declaration for areas struck by record and near-record snowfall in New York.

January 4

In the morning, the President had an intelligence briefing. He then traveled to Austin, TX, and later returned to Crawford, TX.

The President announced his intention to nominate Steven Robert Blust to be a Commissioner of the Federal Maritime Commission and to be designated Chairman upon confirmation.

The President announced his intention to nominate Deborah Matz to be a member of the National Credit Union Administration Board.

The President announced his intention to nominate Mark Sullivan to be U.S. Executive Director of the European Bank for Reconstruction and Development.

The President announced his intention to appoint Vernadette Ramirez Broyles to be a member of the Coordinating Council on Juvenile Justice and Delinquency Prevention.

President Vicente Fox of Mexico to discuss the situation in Argentina.

In the afternoon, the President traveled to Portland, OR, and later returned to the Bush Ranch in Crawford, TX.

January 7

In the morning, the President had an intelligence briefing. Later, he returned to Washington, DC.

The President announced the recess appointment of John Magaw to be Under Secretary of Transportation for Security.

The President announced his intention to nominate Anthony Lowe to be Administrator of the Federal Insurance Administration at the Federal Emergency Management Agency.

The President announced his intention to designate Under Secretary of Commerce for International Trade Grant D. Aldonas, Deputy Secretary of Labor Donald C. Findlay, and Under Secretary of the Treasury for International Affairs John B. Taylor as members of the Board of the Overseas Private Investment Corporation.

January 8

In the morning, the President traveled to Hamilton, OH. En route, aboard Air Force One, he had an intelligence briefing.

In the afternoon, the President traveled to Durham, NH, and later to Boston, MA. In the evening, he returned to Washington, DC.

The President announced his intention to nominate David O'Brien Martin to be a Commissioner of the International Joint Commission-United States and Canada.

The President announced his intention to appoint Robert George Hayes as a Commissioner of the International Commission for the Conservation of Atlantic Tunas, as the Sport Fishing Representative.

The President announced his intention to nominate Walter Lukken to be a Commissioner of the Commodity Futures Trading Commission.

The President announced his intention to designate the following individuals to represent the United States at the inauguration of President Enrique Bolanos Geyer of Nicaragua on January 10:

Mel R. Martinez; Oliver Garza;

John Maisto;

Lino Gutierrez;
Janet Ballantyne;

George Prescott Bush;
James C. Kenny;
Earle Irving Mack;
Anna Navarro;

Raul Romero; and

Evelyn Dee Potter Rose.

January 10

In the morning, the President had a telephone conversation with President Hosni Mubarak of Egypt to discuss the situation in the Middle East and cooperation against terrorism. He then had intelligence briefings. Later, he dropped by a meeting between National Security Adviser Condoleezza Rice and Minister of Home Affairs Lal Krishna Advani of India to discuss the situation in South Asia.

In the afternoon, the President traveled to Arlington, VA, and later returned to Washington, DC.

January 11

to

In the morning, the President had an intelligence briefing and then traveled Conshohocken, PA. Later, he returned to Washington, DC.

In the afternoon, the President met with Prime Minister Leszek Miller of Poland in the Oval Office.

The White House announced that the President will travel to Moline, IL, Aurora, MO, and New Orleans, LA, on January 14-15 to discuss job creation, trade, and economic security.

The White House announced that the President will travel to Japan, South Korea, and China on February 16-22 to discuss cooperation against terrorism, economic recovery, the strengthening of alliances in the region, and other areas of mutual interest.

The President announced the recess appointment of Eugene Scalia as Solicitor of the Department of Labor.

The President announced the recess appointment of Otto J. Reich as Assistant Secretary of State for Western Hemisphere Affairs.

The President announced his intention to nominate Donald S. Prophete to be General Counsel of the Equal Employment Opportunity Commission.

The President announced his intention to appoint Thomas Casey, Christopher B. Galvin, and Edward Earl Whitacre, Jr., as members of the President's National Security Telecommunications Advisory Committee.

The President announced his intention to appoint the following individuals as members of the Federal Service Impasses Panel:

Becky Norton Dunlop, Chairperson;
Richard Barber Ainsworth;
Andrea Fischer Newman; and
Joseph Carter Whitaker.

The President announced his intention to appoint the following individuals as members of the Board of Trustees of the John F. Kennedy Center for the Performing Arts: