U.S. Department of the Treasury

on Senate Passage of Corporate Governance Legislation

I applaud the Senate for its passage of this important legislation. Senator Sarbanes, Minority Leader Lott, and a host of other senators should be commended for their swift action following President Bush’s call for a new era of corporate responsibility. The House, in approving a similar measure in April, also has shown its commitment to improving disclosure, holding corporate officers accountable and protecting investors.

Their work is not done. For the sake of American investors, I urge Congress to move quickly in appointing conferees and sending a strong final measure to the President’s desk before the August recess.