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This week in Congress, I had the opportunity, as
a member of the Financial Services Committee, to listen to our Federal
Reserve Chairman, Alan Greenspan, give his semiannual report on our economy
to the United States House of Representatives. I found his remarks
quite encouraging, despite the effects of recent corporate scandals on
our economy. He said that even the slightest increase in the possibility
of strict or even criminal penalties for unethical behavior of CEO’s can
affect corporate governance, and that ‘while we may not be able to change
the character of corporate officers, we can change behavior through incentives
and penalties.’
As a lawmaker, I take that remark as a call to action. The selfish
actions of a select few from behind boardroom walls have hurt investors,
employees, and our nation as a whole. A few CEO’s decided to
do whatever it took to keep stock prices up so they could get their multi-million
dollar bonuses. As a result, families across our country have to
rethink their plans, to change their lifestyles, to work years longer than
expected to make up for losses in their retirement accounts.
We must act as swiftly as possible in Congress to restore small-town business values in our big corporations, to enact legislation that continues efforts to hold corporate criminals responsible. We must restore the confidence of hard-working Americans in our market, and we must get legislation to the President’s desk before the August district work period, as he has requested. |
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