Carper Heads to the White House to See Though Accounting Reform Legislation Signed into Law

WASHINGTON, DC- U.S. Senator Tom Carper (D-DE) will head to the White House tomorrow, where President Bush will sign tough accounting reform legislation into law aimed at restoring investor confidence and addressing problems that caused financial disasters at Enron and other companies. The legislation was largely drafted by the Senate Banking Committee, on which Carper sits, and closely resembles a bill that passed the Senate unanimously earlier this month. “This legislation should help restore some confidence in the market,” Carper said. “Markets will never, and can never, be made to guarantee returns on a family’s investment. But there are steps we can take – such as this bill – that will better protect investors and better prevent future Enrons before they cause so much damage.” The legislation:

  • Creates an independent board to oversee the accounting industry
  • Strengthens the Securities and Exchange Commission
  • Increases corporate responsibility
  • Toughens auditor independence standards

“Shareholders should have confidence that there are rigorous auditing standards that exist in this country. They should know there is a strong, independent, knowledgeable entity that is going to make sure those auditing standards are enforced,” Carper said. “At Enron, employees were locked out of selling their stock while senior officials bailed out. That is wrong, and will now be stopped. What is good for the goose is good for the gander.” SATELLITE FFED AVAILABLE: TUESDAY, JULY 30th 4:15- 4:20 p.m. Galaxy 3 Transponder 7 Downlink 3840 Standard Audio 6.2 & 6.8, Trouble Line 202-224-1278