Chris-crossed adventures in Washington
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Paul Clinton
It has been a busy, and momentous, week for Chris Cox -- one
capped Wednesday by his lead role in a compromise plan expected to
bring about sweeping corporate reform.
On that day, Newport Beach’s leading-light congressman and other
high-ranking legislators put the final touches on a bill that would
rewrite the rules for corporate accounting and governance.
Paired with Rep. Michael Oxley (R-Ohio), Cox worked closely to
bridge the gap between Senate and House versions of the Public
Company Accounting Reform and Investor Protection Act. The bill,
proposed by Sen. Paul Sarbanes (D-Maryland), passed the Senate 97 to
0 last week.
The final version of the bill is expected to be approved by the
House and Senate today. Bush has said he would sign it soon
thereafter.
With the bill’s passage, tougher penalties could be slapped on
executives who shred documents and stricter supervision of company
auditors. The bill would also create an independent panel overseen by
the Securities and Exchange Commission to monitor accounting
practices.
“Fraud and unfair dealing are the enemies of the free enterprise
system, and as we can see from the turmoil in our markets, our
country is paying a very high price because those in power have
broken faith with their employees and their investors,” Cox said in a
Wednesday statement. “I have no doubt that today, we are enacting
good, tough, strong new rules.”
Today, Treasury Secretary Paul O’Neill is scheduled to speak
before the House Policy Committee, which Cox chairs.
O’Neill has taken flak from Democrats for his fairly low profile
in recent weeks, during a string of corporate scandals that have
caused havoc on Wall Street. At the 9 a.m. hearing, O’Neill will
address current economic conditions.
On July 18, Speaker Dennis Hastert (R-Illinois) appointed Cox to
the conference committee that ironed out the final version of the
bill.
Dana takes a little heat
Enforcing the time limit for speaking at a committee hearing
proved hazardous for Rep. Dana Rohrabacher last week, as a Southern
Democrat suggested he was a racist for cutting off her long-winded
speech.
Rohrabacher stopped Rep. Sheila Jackson Lee (D-Houston) 10 minutes
after she had exceeded her five-minute time limit during a House
Science Committee hearing.
After Surf City’s congressman asked Lee to “be more disciplined in
being able to ask a specific question,” she took offense.
“I’m the only member that you comment on,” Jackson Lee said. “It
may be that I’m the only African American woman sitting here.”
Jackson Lee’s remark came after an angry exchange in which
Rohrabacher, the chairman of the committee, slammed his gavel down
and told the congresswoman she was not recognized and needed to stop
talking.
Stunned by the accusation, Rohrabacher responded: “Ms. Jackson
Lee, that type of charge is beneath you. It’s beneath your dignity.”
The exchange came at a hearing on NASA’s cost-controlling methods
and scientist-retention efforts.
A VP at The Village Crean
Nicaragua’s newest vice president will blow into town today to
speak at a Republican event at The Village Crean.
Jose Rizo Castellon, sworn into power in January, won a narrowly
contested election against former Nicaraguan strongman Daniel Ortega.
Castellon and President Enrique Bolanos, of the Liberal party, halted
Ortega’s third attempt to retake the reins of the country after his
Sandinista party peacefully handed over power in 1990.
Castellon, an eloquent speaker who is fluent in several languages,
will be honored at a private ceremony at the Santa Ana Heights estate
of John Crean, the mobile-home park magnate.
The Republican Party of Orange County is honoring Castellon with
its 2002 Champion of Democracy award.
“His commitment to democracy earns him this award,” Orange County
Party Chairman Tom Fuentes said. “His commitment to improving the
lives of the Nicaraguan people earns him the respect and support of
the voters in his country.”
During their brief tenure in office, Bolanos and Castellon have
battled internal government corruption, worked to raise the standard
of living in the poor Central American nation and endorsed President
Bush’s war on terrorism, a party spokesman said.
Sing, sing a song
John Campbell will do almost anything for friend, political ally
and candidate for governor Bill Simon.
He’ll even sing in public.
Campbell, who represents Newport Beach and Costa Mesa in the 70th
Assembly District, performed as part of a barber-shop quartet at a
Simon fund-raiser on Monday.
Campbell sang “God Bless America” and “The Irish Blessing” at the
Irvine event, which was held at the Strawberry Farms Golf Course.
About 250 people attended the $100-a-plate event.
Campbell, who lives in Irvine, nurtured his musical talents at the
Irvine Presbyterian Church, where he is a member of the choir. Oddly
enough, five other singers joined Campbell in the quartet.
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