MISSISSIPPI LEGISLATURE

2002 2nd Extraordinary Session

To: Rules

By: Senator(s) Dawkins, Williamson, Frazier, Jackson, Jordan, Gordon, Lee, Cuevas, Gollott, Michel, Smith, Horhn, Furniss, Stogner, Turner, Chamberlin, Minor, Dickerson, Nunnelee, White (5th), Thames

Senate Resolution 3

A RESOLUTION SUPPORTING AND COMMENDING THE UNITED STATES CONGRESS AND PRESIDENT GEORGE W. BUSH FOR THEIR EFFORTS TO INCREASE CORPORATE ACCOUNTABILITY.

     WHEREAS, members of the United States Congress have voted overwhelmingly to support and deliver legislation to President George W. Bush that will create sweeping new powers to target corporate fraud and stamp out deceptive accounting practices by establishing new regulations, new criminal penalties and new protections for both shareholders and employees of corporations; and

     WHEREAS, many Mississippi citizens have suffered loss of employment or personal income due to lack of corporate accountability and high-profile acts of deception; and

     WHEREAS, the relentless slide of the stock market has touched the lives of many Mississippi citizens and negatively impacted the state's budget and retirement systems within our state; and

     WHEREAS, citizens of Mississippi have expressed outrage at the unconscionable greed exhibited by CEO's of many corporate entities operating both in our state and in our country; and

     WHEREAS, citizens of Mississippi are appalled by events that led to the current financial debacle on Wall Street and have demanded that publicly owned and traded companies be held accountable by increasing checks and balances offered by the Sarbanes-Oxley Act of 2002; and

     WHEREAS, Securities Exchange Commission Chairman Harvey Pitt has stated that he supports the thrust of legislation that would strengthen the oversight of corporate accounting in the United States; and

     WHEREAS, President George W. Bush appealed to Congress and was granted quick and decisive action by Congress to fight corporate fraud that has eroded trust in laws already in existence; and

     WHEREAS, as part of an effort to restore investors' faith in capital markets and our citizens' faith in our government, members of the Mississippi Senate unite to express the economic importance of character and values instilled by our religious beliefs, and the economic importance of a sense of our citizens' feeling of community:

     NOW, THEREFORE, BE IT RESOLVED BY THE SENATE OF THE STATE OF MISSISSIPPI, That the members of the Mississippi Senate support and commend the United States Congress and President Bush in their bipartisan efforts to produce and sign into law the Sarbanes-Oxley Act of 2002.

     BE IT FURTHER RESOLVED, That copies of this resolution be furnished to members of the Mississippi Congressional delegation and to President George W. Bush.