Homeland Security Act of 2002

Examples of Homeland Security Act of 2002 in the following topics:

• September 11th and the War on Terror

  • In the largest restructuring of the U.S. government in contemporary history, the United States enacted the Homeland Security Act of 2002, creating the Department of Homeland Security.
  • Congress also passed the USA PATRIOT Act, which enabled law enforcement agencies to monitor citizens’ e-mails and phone conversations without a warrant.
  • Civil liberties groups have criticized the PATRIOT Act, saying it allows law enforcement to invade the privacy of citizens and eliminates judicial oversight of law enforcement and domestic intelligence.
  • Beginning in 2002, however, the Bush administration implemented a wide-ranging program of warrantless domestic wiretapping, known as the Terrorist Surveillance Program, by the National Security Agency (NSA), giving the agency broad powers.
  • The Department of Homeland Security has many duties, including guarding U.S. borders and, as this organizational chart shows, wielding control over the Coast Guard, the Secret Service, U.S.

• Sarbanes–Oxley Act of 2002

  • The Sarbanes–Oxley Act of 2002 is a federal law that set new or enhanced standards for all public company boards, management, and public accounting firms in the United States.
  • Title V consists of only one section, which includes measures designed to help restore investor confidence in the reporting of securities analysts.
  • It defines the codes of conduct for securities analysts and requires disclosure of knowable conflicts of interest.
  • Section 1101 recommends a name for this title as "Corporate Fraud Accountability Act of 2002".
  • Identify the responsibilities imposed on companies by the Sarbanes-Oxley Act of 2002

• Sarbanes–Oxley Act of 2002

  • The Sarbanes–Oxley Act of 2002 is a United States federal law that set new or enhanced standards for all U.S. public company boards, management and public accounting firms.
  • It defines the codes of conduct for securities analysts and requires disclosure of knowable conflicts of interest.
  • Studies include the effects of consolidation of public accounting firms and role of credit rating agencies in the operation of securities markets.
  • Title VIII consists of seven sections and is also referred to as the "Corporate and Criminal Fraud Accountability Act of 2002. " It describes specific criminal penalties for manipulation, destruction or alteration of financial records, or other interference with investigations, while also providing certain protections for whistleblowers.
  • Section 1101 recommends a name for this title as "Corporate Fraud Accountability Act of 2002. " It identifies corporate fraud and records tampering as criminal offenses and joins those offenses to specific penalties.

• The George W. Bush Administration

  • -globalized military should be enlarged, equipped, and restructured for the "constabulary" roles associated with shaping the security in critical regions of the world.
  • Also, in 2002, President Bush withdrew funding from the United Nations Population Fund (UNFPA), a key player in promoting family planning in the developing world.
  • Congress to lead an invasion of Iraq, asserting that Iraq was in violation of United Nations (UN) Security Council Resolution 1441.
  • In 2005, Hurricane Katrina brought to light ongoing racial injustices embedded within American society and government, underscoring the limited capacities of the federal government under Bush to assure homeland security.
  • In his second term, the Bush administration passed the Energy Policy Act of 2005.

• Standard-Setting Groups: SEC, AICPA, and FASB

  • The SEC enforces and regulates security laws, the AICPA dictates the professional conduct of accountants, and the FASB develops GAAP.
  • The APB and the related Securities Exchange Commission were unable to operate completely independently of the U.S. government
  • Securities and Exchange Commission (SEC) is a federal agency which holds primary responsibility for enforcing the federal securities laws and regulating the securities industry, the nation's stock and options exchanges, and other electronic securities markets in the United States.
  • The SEC was created by Section 4 of the Securities Exchange Act of 1934 (now codified as 15 U.S.C. § 78d and commonly referred to as the 1934 Act).
  • The main reason for the creation of the SEC was to regulate the stock market and prevent corporate abuses relating to the offering and sale of securities and corporate reporting.

• The Executive Departments

  • The State Department (formally known as the Department of State) is the highest ranking executive department and is headed by the Secretary of State.
  • The executive departments of the United States federal government are executive organs that serve under direct presidential control and act in an advisory capacity to the president.
  • The three oldest executive departments are the Department of State, Department of War, and the Treasury, all of which were established in 1789.
  • The Department of War has since been subsumed by the Department of Defense, and many other executive departments have been formed.
  • After the vice president, speaker of the house, and the president pro tempore of the Senate, the heads of the executive departments are ranked as follows:

• Global Research Settlement

  • The Global Settlement was an enforcement agreement reached on April 28, 2003 between the Securities and Exchange Commission (SEC), National Association of Securities Dealers (NASD), New York Stock Exchange (NYSE), and ten of the United States's largest investment firms.
  • The agreement was meant to address issues of conflict of interest within their businesses.
  • A typical violation addressed by the settlement was the case of CSFB and Salomon Smith Barney, which were alleged to have engaged in inappropriate spinning of "hot" IPOs and issued fraudulent research reports in violation of various sections within the Securities Exchange Act of 1934.
  • Similarly, UBS Warburg and Piper Jaffray were alleged to have received payments for investment research without disclosing such payments in violation of the Securities Act of 1933.
  • As part of the settlement decision published on December 20, 2002, several regulations designed to prevent abuse stemming from pressure by investment bankers on analysts to provide "favorable" appraisals were put in place.

• Ethical Considerations

  • For example, in response to a number of major corporate and accounting scandals -- including those affecting Enron, Tyco International, Adelphia, Peregrine Systems and WorldCom -- the Sarbanes-Oxley Act (SOX) of 2002 was put into place.
  • The act contains 11 titles, or sections, ranging from additional corporate board responsibilities to criminal penalties, and requires the Securities and Exchange Commission (SEC) to implement rulings on requirements to comply with the law.
  • While it may seem scandals involving a lack of business ethics are a recent development, the Securities Acts of 1933 and 1934 were both put in place after the stock market crash in 1929.
  • These are sweeping pieces of legislation that govern the secondary trading of securities (stocks, bonds, and debentures).
  • The Acts and related statutes form the basis of regulation of the financial markets and their participants in the United States.

• The Executive Office of the President

  • The Executive Office of the President (EOP) consists of the immediate and support staff of the President of the United States.
  • Based on the recommendations of a presidentially commissioned panel of political science and public administration experts, the Brownlow Committee, Roosevelt was able to get Congress to approve the Reorganization Act of 1939.
  • The Act led to Reorganization Plan No. 1, which created the EOP, which reported directly to the president.
  • Among the most important are the Council of Economic Advisers (1946), the National Security Council and its staff (1947), the Office of the U.S.
  • Bush, additional units were added, such as the Office of Homeland Security (2001), which later became a cabinet department, and the Office of Faith-based and Community Initiatives (2001).

• The Environment

  • He would later reverse his position on that specific campaign pledge in March of 2001 in a letter to Nebraska senator Chuck Hagel, stating that carbon dioxide was not considered a pollutant under the Clean Air Act, and that restricting carbon dioxide emissions would lead to higher energy prices.
  • In late November of 2002, the Bush Administration released proposed rule changes that would lead to increased logging of federal forests for commercial or recreational activities.
  • Initially announced by President Bush in 2002, the Clear Skies Initiative was aimed at amending the Clean Air Act to further reduce air pollution and expand the emissions trading programs to include new pollutants such as mercury.
  • In February, NOAA (part of the Department of Commerce) set up a seven-member panel of climate scientists to compile the report.
  • He also maintained that regardless of that debate, his administration was working on plans to make America less dependent on foreign oil for both economic and national security reasons.