Bob Barr, July 12, 2002

Some 150 years ago, a foreign journalist visiting the United States asked the famous legislator Daniel Webster, what America’s greatest gift to the world was. He replied, "the integrity of George Washington." Though many years have passed since that simple statement, the integrity of our great nation has always been the foundation of its greatness. Sadly, however, this foundation has been eroding recently, and we are in danger of losing it. Once lost, just as it is with one’s personal reputation, it is difficult, if not impossible, to recover.

In recent years, and especially in recent days, newspaper headlines have become increasingly dominated with news of dishonesty, corruption and criminal activity at the highest rungs of our society. From the lying of President Clinton, to the false financial statements filed by some of our nation’s leading corporations, America’s reputation is on the line. We had better take swift and decisive action to stem the corrosive effect these scandals are having on it before it is too late.

For both our government and economy to succeed over time, honesty and integrity are essential pillars. There are no special exceptions for corporate or political leaders when it comes to the rule of law. Our economy - indeed, our entire nation - is anchored in the rule of law. Whether it is the President of the United States or the Chief Executive Officer of a large company, all must obey the law; and if they do not, they need to be prosecuted and punished appropriately. When President Clinton lied under oath, he was no better than any other perjurer; just as the corporate CEOs who steal the retirement nest eggs of millions of Americans are no better than street thugs stealing purses.

Unfortunately, their actions in the arena of public opinion speak much more loudly than those of everyday citizens, which is why it is so important we hold everyone - across the board - accountable for their actions. The actions of Enron, WorldCom, and all corporations that flout the law, must not and will not be tolerated. They will be held accountable.

President Bush and the Congress are moving quickly to increase corporate responsibility and accountability. As a Member of the House Financial Services Committee, I was proud to support House passage recently of the Corporate and Auditing Accountability, Responsibility, and Transparency Act (CARTA), which will enhance investor confidence, improve corporate responsibility, reform accounting oversight, and increase the availability of real-time financial information. Passage of this legislation was an important first step to stemming the growing tide of concern with the integrity of America’s financial markets. However, we can, must and will do more.

In recent days, President Bush outlined a bold plan of corporate responsibility, which would, among other things, create a corporate fraud task force, increase jail time for lawbreakers, and increase SEC resources for greater enforcement. President Bush and the Republican-led House are moving forward on these initiatives despite, a very concerted public-relations campaign by the Democrats who are desperately seeking an election-year issue. I hope the Department of Justice follows the Arthur Andersen prosecution quickly with visible and aggressive of corporate officers and board members who have violated federal fraud and securities laws.

Honesty and integrity should not be partisan issues though - they should be American values shared and embraced by all. We must not only remember the words of Daniel Webster, but make sure we live by them as well.

Barr represents Georgia’s Seventh District. He serves on the House Financial Services, Judiciary, and Government Reform Committees.