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 NEWS  News  media  Information  202  /  418-  0500  Fax-  On-  Demand  202  /  418-  2830  TTY  202/  418-  2555  Internet:  http://  www.  fcc.  gov  ftp.  fcc.  gov  Federal  Communications  Commission  445  12  th  Street,  S.  W.  Washington,  D.  C.  20554  This  is  an  unofficial  announcement  of  Commission  action.  Release  of  the  full  text  of  a  Commission  order  constitutes  official  action.  See  MCI  v.  FCC.  515  F  2d  385  (D.  C.  Circ  1974). 
 FOR  IMMEDIATE  RELEASE  Contact:  David  Fiske  (202)  418-  0513  JULY  9,  2002  Brian  Marriott  (202)  418-  7121 
 FCC  CHAIRMAN  MICHAEL  POWELL  APPOINTED  TO  PRESIDENT  BUSH'S  CORPORATE  FRAUD  TASK  FORCE 
 Washington  -  FCC  Chairman  Michael  K.  Powell  was  appointed  to  serve  on  the  new  interagency  Corporate  Fraud  Task  Force  created  today  by  President  Bush. 
 Powell  said,  "There  is  a  severe  capital  crisis  putting  a  tremendous  strain  on  the  telecommunications  industry.  It  is  imperative  to  do  everything  possible  to  restore  investor 
 confidence  in  this  critical  sector  of  the  American  economy.  I  applaud  the  President's  initiative,  and  the  Commission  stands  ready  to  offer  its  expertise  to  assist  in  the  effort  to  investigate  and 
 prosecute  significant  financial  crimes  and  restore  credibility  to  the  market." 
 He  said,  "During  my  recent  visit  with  investors,  credit  rating  services,  analysts  and  telecom  companies  in  New  York  after  the  WorldCom  situation  was  made  public,  I  gained  a 
 heightened  appreciation  for  the  vital  role  investor  confidence  plays  in  the  successes  or  failures  of  companies  in  the  telecom  sector,  particularly  in  the  critical  area  of  companies  obtaining  capital  to 
 finance  operations  and  technological  improvements." 
 "Powell  said,  "My  colleagues  and  I  deeply  appreciate  that  the  goals  of  the  Telecommunications  Act  cannot  be  achieved  without  a  concerted  effort  by  government  and 
 corporate  leadership  to  restore  investor  confidence.  We  are  committed  to  doing  our  part." 
 -  FCC  - 
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