US president says restoring confidence is economy's greatest need

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Last updated at: (Beijing Time) Sunday, July 14, 2002

US president says restoring confidence is economy's greatest need

US President Gorge W. Bush saidSaturday that restoring confidence in the integrity of business leaders is "perhaps the greatest need for our economy."

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US President Gorge W. Bush saidSaturday that restoring confidence in the integrity of business leaders is "perhaps the greatest need for our economy."

In his weekly radio address, President Bush said that "nearly every week brings news of greater productivity or strong consumer spending" and "but also a discovery of fraud and scandal, problemslong in the making and now coming to light."

"Perhaps the greatest need for our economy at this moment is restoring confidence in the integrity of the American business leaders," Bush said.

The president noted actions to rein in corporate wrongdoing that he proposed early in the week in New York. They include doubling jail time for financial fraud, creating a new Justice Department task force to investigate corporate crimes and requesting an additional 100 million dollars to give the Securities and Exchange Commission "the technology it needs to better enforce the law."

He said the government will "crack down on these corporate wrongdoings, protect workers and shareholders and restore consumerconfidence in the stock market."

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