Bush Defends Chief of SEC, His Own Sale of Energy Stock

WASHINGTON -- President Bush on Monday stood by the besieged chairman of the Securities and Exchange Commission while rejecting suggestions that his own past business conduct may rob him of credibility.

During a news conference, Bush found himself repeatedly on the defensive on the eve of his long-awaited speech on Wall Street, in which he is expected to demand tougher penalties against dishonest executives and give the SEC significantly more money to investigate illegal business practices.

SEC Chairman Harvey L. Pitt has come under fire for not taking tougher and more timely actions against corporate wrongdoers. But Bush said he has no intention of heeding calls for Pitt's ouster.

"Pitt's doing a fine job," the president said.

Much of the news conference focused on Bush's own record as a businessman. In recent days, new questions have arisen about his tardiness, by eight months, in reporting to the SEC his sale of nearly $850,000 worth of stock in a Texas-based energy firm 12 years ago. Just weeks after Bush sold the stock, its value plummeted.