Bush Hands Over Unprecedented Power To Security Tzar...

Business Week Dawn Kopecki May 24, 2006 at 02:45 PM
READ MORE: Homeland Security, George W. Bush

President George W. Bush has bestowed on his intelligence czar, John Negroponte, broad authority, in the name of national security, to exJocuse publicly traded companies from their usual accounting and securities-disclosure obligations. Notice of the development came in a brief entry in the Federal Register, dated May 5, 2006, that was opaque to the untrained eye.

Unbeknownst to almost all of Washington and the financial world, Bush and every other President since Jimmy Carter have had the authority to exempt companies working on certain top-secret defense projects from portions of the 1934 Securities Exchange Act. Administration officials told BusinessWeek that they believe this is the first time a President has ever delegated the authority to someone outside the Oval Office. It couldn't be immediately determined whether any company has received a waiver under this provision.

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