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Statement on Signing the Investor and Capital Markets Fee Relief Act

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Statement on Signing the Investor and Capital Markets Fee Relief Act Administration of George W. Bush, 2002 / Jan. 16 77 President Bush. Oh, let me comment. I funding to continue to carry out its important appreciate that very much. mission of protecting investors through vig- Q. I thought you might want to. [Laugh- orous enforcement of securities laws. I ap- ter] plaud the Congress for acting in an over- President Bush. Well, Mr. Prime Min- whelming bipartisan manner in sending this ister, we put a significant tax relief package legislation to my desk. in place right at the right time. Our economy was beginning to slow down in March of NOTE: H.R. 1088, approved January 16, was as- 2001. Fortunately, I was able to work with signed Public Law No. 107–123. both Democrats and Republicans in our Letter to Congressional Leaders on Congress to get a good tax relief package out. And when the economy slows down, it makes Review of Title III of the Cuban sense to cut taxes, and that’s exactly what’s Liberty and Democratic Solidarity happened. And those who want to revoke the (LIBERTAD) Act of 1996 tax cut, basically raise taxes, are those who January 16, 2002 just don’t share my view. I think raising taxes in the midst of a reces- Dear lllll : sion is wrong economic policy. It would be Pursuant to section 306(c)(2) of the Cuban a huge mistake. It’s bad for American work- Liberty and Democratic Solidarity ers. It hurt when it comes to creating jobs. (LIBERTAD) Act of 1996 (Public Law 104– And so I strongly disagree with those who 114), (the ‘‘Act’’), I hereby determine and want to raise taxes here in Washington, DC. report to the Congress that suspension for I’m confident that the American people 6 months beyond February 1, 2002, of the agree with me, as well. right to bring an action under title III of the And if Members of the House and the Act is necessary to the national interests of Senate listened to their constituents and lis- the United States and will expedite a transi- tened to those who want to find work, they tion to democracy in Cuba. will understand the wisdom of our ways. Sincerely, Thank you. George W. Bush NOTE: The President spoke at 3:10 p.m. in the NOTE: Identical letters were sent to Joseph R. Oval Office at the White House. In his remarks, Biden, Jr., chairman, and Jesse Helms, ranking he referred to President Saddam Hussein of Iraq; member, Senate Committee on Foreign Rela- Minister of Foreign Affairs Ismail Cem of Turkey; tions; Robert C. Byrd, chairman, and Ted Stevens, and Hedayat Amin Arsala, Vice Chair and Min- ranking member, Senate Committee on Appro- ister of Finance, Interim Authority of Afghanistan. priations; Henry J. Hyde, chairman, and Tom The Office of the Press Secretary also released Lantos, ranking member, House Committee on a Spanish language transcript of these remarks. International Relations; and C.W. Bill Young, chairman, and David R. Obey, ranking member, Statement on Signing the Investor House Committee on Appropriations. and Capital Markets Fee Relief Act January 16, 2002 Remarks to the World Affairs Councils of America Conference Today I signed into law H.R. 1088, the January 16, 2002 Investor and Capital Markets Fee Relief Act. This legislation will provide fee relief to the Well, thank you for that very warm wel- growing number of Americans who have in- come. It’s such a pleasure to be here tonight vested in stocks and bonds to save for their for this gathering. I want to thank the World retirements, their children’s education, and Affairs Council for promoting citizen interest other needs. This legislation will relieve the in global issues, especially an interest in our 50 percent of American households that now own hemisphere and its importance to our own stock, either directly or in pension or country. mutual funds, from the burden of these fees, Eldon, thank you very much for your fine while ensuring that the SEC has sufficient introduction. Back stage he was wondering VerDate 11-MAY-2000 11:21 Jan 23, 2002 Jkt 197250 PO 00000 Frm 00019 Fmt 1244 Sfmt 1244 E:\PRESDOCS\P03JAT4.018 pfrm06 PsN: P03JAT4 78 Jan. 16 / Administration of George W. Bush, 2002 whether or not I could understand his accent. We meet, however, at a time when there I said, ‘‘That’s not the problem. The problem are some who question the path to prosperity is, can you understand mine?’’ [Laughter] I and stability. Some wonder whether free want to thank Jerry Leach, as well. I want market reforms are too painful to continue. to thank the leadership here at the OAS. Some question the fairness of free and open Cesar, thank you very much for your contin- trade, while holding out the false promise of ued hospitality and leadership. It’s good to protectionism. And there’s even greater dan- see my friend Luigi again. I want to thank ger—that some may come to doubt democ- Enrique Iglesias, as well. racy, itself. I want to thank members of my Cabinet Our answer to these questions and doubts who are here, in particular, Mel Martinez, must be clear, and it must be consistent: The the Secretary of Housing and Urban Devel- hopes of all our peoples, everybody who lives opment. Thank you, Mel. I’m pleased to see in this hemisphere, no matter where they Roger Noriega, el Embajador de los Estados live, lie in greater freedom. Free markets and Unidos a la OAS, for being here. Thank you, open trade are the best weapons against pov- Roger. A new member of my team is Otto erty, disease, and tyranny. And democracy is Reich, Assistant Secretary for the Western the nonnegotiable demand of human dignity. Hemisphere. I appreciate Otto being here. The future of this hemisphere depends on And of course, I want to thank the members the strength of three commitments: democ- of my National Security Council who are racy, security, and market-based develop- here, Condi Rice and John Maisto, for their ment. These commitments are inseparable, sound and solid advice. Thank you all for and none will be achieved by half-measures. coming. This road is not always easy, but it’s the only In September of last year, I welcomed my road to stability and prosperity for all the good friend the President of Mexico to the people—all the people—who live in this White House. Standing together on the hemisphere. South Lawn, President Fox and I spoke of Our first commitment is to democracy and building a hemisphere of freedom and pros- political freedom. This is affirmed in the perity and progress. That was 5 days before Democratic Charter of the Americas, which the terrorists attacked the peace and security holds this: Only democracies can be a part of the world, murdering thousands of citizens of our inter-American dialog and system. And from over 80 nations, including almost every these governments cannot be democratic in nation in this hemisphere. name only. Citizens and businesses must Since the attacks, the United States has know that the townhall, the alcaldia, is free received incredible sympathy and support from bribery and cronyism and all forms of from our neighbors and friends. I’ve been corruption. These old attitudes and habits are in close contact with democratic leaders such a form of theft, stealing from people their as Prime Minister Chretien and President money and their trust and their hopes for Fox and President Cardoso, President Lagos a better life. For freedom and prosperity to and President Toledo, to name a few. We’ve come, corruption must go. Freedom—the been talking on a regular basis about our freedom to vote, the freedom to speak your common interests. Democratic leaders mind, the freedom to worship an Almighty throughout the Americas have offered help God, the freedom to own your own prop- and wisdom, friendship, and even peace- erty—is the great idea of our time; it is the keepers, and for that this country is very great idea of all time. And by building gov- grateful. ernments that are more open and honest and The nations of the Western Hemisphere fair, we will make freedom more meaningful are resolved: We refuse to live in fear, so for all our citizens. we will fight terror wherever it is exists. And Our second commitment is to security, se- we’re committed to building a prosperous curity against acts of terror. It is the great and free and democratic hemisphere. Noth- calling of the 21st century. And I can assure ing will distract us; nothing will deter us in you this Nation will not tire; we will not fade; completing this great work. we’ll be resolute in our determination to rout VerDate 11-MAY-2000 11:21 Jan 23, 2002 Jkt 197250 PO 00000 Frm 00020 Fmt 1244 Sfmt 1244 E:\PRESDOCS\P03JAT4.018 pfrm06 PsN: P03JAT4 Administration of George W. Bush, 2002 / Jan. 16 79 out terror wherever it exists—in our neigh- sphere need to strengthen our commitment borhood or neighborhoods around the to market-based reform, not weaken it. world—security against the lawless violence Shortcuts to reform only lead to more trou- of drug cartels and their accomplishments— ble. Half-measures will not halve the pain, accomplices. Our citizens must know that only prolong it. they can exercise their freedoms in security The United States is prepared to help Ar- and in peace. gentina weather this storm. Once Argentina And that is why, for example, the United has committed to a sound and sustainable States, Canada, and Mexico are cooperating economic plan, I will support assistance for in unprecedented ways to build smart bor- Argentina through international financial in- ders for the 21st century that ensure safety stitutions.
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