Faced with roiling markets and shaky investor confidence, the House yesterday adopted new criminal penalties for business fraud as lawmakers scrambled to get corporate crackdown legislation to President George W. Bush.
The hurriedly arranged vote reflected Congress' eagerness to respond to voters' anxiety about the economy and turbulence on Wall Street. With midterm elections this year, the Republican leadership in the House wanted to make sure its members had something to take home.
Representative John LaFalce, a New York Democrat, called the Republican move "a deathbed conversion."
The House action came one day after the Senate voted 97-0 to create stiff penalties and jail terms for executives who deceive investors. The House had passed a bill in April to tighten oversight of the accounting industry, but never brought up legislation to create criminal penalties.
The House measure, approved 391-28, is tougher than the Senate bill, Republican leaders said. Democrats disagreed.
"This is a tough bill that cracks down on the corporate crooks," Representative James Sensenbrenner, chairman of the House Judiciary Committee, said in floor debate.
The House measure would create criminal penalties for company officials who retaliate against whistle-blowers, while the Senate measure provides only civil penalties.
A spokesman for House Speaker Dennis Hastert said lawmakers would try to take initial steps toward resolving differences with the Democratic-controlled Senate on overall legislation to crack down on corporate wrongdoing. The House accounting oversight measure is widely considered weaker than the Senate's.
A Republican aide, who spoke on condition of anonymity, said Republican leaders held out hope that a compromise with the Senate could be reached by the end of next week. Passage of a separate bill to mete out stronger penalties could give Republican lawmakers a campaign asset when they return home for the monthlong summer break beginning July 26.
Two Republicans, Representative Mark Foley and Mike Rogers, were circulating a letter among party colleagues Tuesday asking Hastert to have the House simply pass the Senate bill in order to speed legislation to President George W. Bush's desk, which is what Senate Democrats want to happen.
Democrats accused Republican leaders of reversing themselves only because Americans' confidence in business and the markets has become badly shaken and the issue of corporate accountability is resonating in this congressional election year.
Representative Maxine Waters told the Republicans: "You're trying to jump on the bandwagon at the last minute when you should have been there a long time ago."
Democrats said the House bill fell short. They objected to it being rushed through to passage without giving them the chance to propose amendments.
Bush urged Congress to get him a bill to sign before adjourning for its summer recess. Congressional leaders indicated they would try to do that.
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