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John Snow on Corporations

Treasury Secretary (Pres. Bush Cabinet)


Consistent ethical standard for corporate America

Almost three years ago, corporate scandals erupted in the headlines. Trust is a precious thing. Once lost it is hard to retrieve. And trust is a cornerstone to the development of a smooth and efficient capital market. The resulting Sarbanes-Oxley Act of 2002 ended the era of low standards and false profits. It was a critical piece of legislation at a critical time -- its passage was also a necessary part of the healing process. The new law holds accountants accountable and subjects auditors to audit. It gave shareholders greater confidence that the financial information they receive from a company would be reliable, because the CEOs who sign their names to the documentation will be held responsible, and punished if they lie.

Sarbanes-Oxley sent a message to every American: that there can not be a different ethical standard for corporate America. They are expected to operate with the same high level of honesty and accountability as a small business, family or community.

Source: Remarks to the George Washington University School of Law , Mar 3, 2004

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a href='../Cabinet/Tom_Daschle_Corporations.htm'>HHS:Tom Daschle
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Page last updated: Dec 15, 2011