Tuesday, Aug. 13, 2002
Baylor University
Waco, Texas

Table of Contents

Overview Page 3

Schedule Page 11

The President's Economic Security Agenda Page 12

Information on Baylor University Page 15

President Bush believes that economic freedom is the foundation for individual success and prosperity. Because of the resiliency and determination of the American people, our Nation is on track for sustained economic growth. However, the President will not be satisfied until every American who wants a job can find a job, and all Americans have economic security. The President's economic agenda invests in people by creating jobs, expanding opportunities to save and invest, providing a good education, and helping each American own part of the American dream.

On August 13 the President will host the President's Economic Forum at Baylor University in Waco, Texas. The meeting will bring together government policy makers, small investors, small business owners, industry experts, teachers, workers, business ethicists, union members, corporate executives, economists, business students, academics, researchers and others to discuss the fundamentals of the economy and the President's agenda to increase economic growth for the future. The President's Economic Forum will feature breakout and discussion sessions on key economic issues. Each session will involve approximately 30 participants with diverse points of view, panels will be chaired by a senior government official, and each panel will include guest speakers with special expertise in the panel's subject matter. The panels will address:

This panel will discuss the best ways to sustain economic recovery, promote long-term growth and create new jobs. It will be chaired by Treasury Secretary Paul O'Neill. Doug McCarron (General President, United Brotherhood of Carpenters and Joiners of America) and Tom Donohue (President and CEO, U.S. Chamber of Commerce) will be the panel's guest speakers.

James Alexander, Member, United Brotherhood of Carpenters, Austin, TX

Jeffrey Bluestein, Chairman and CEO, Harley-Davidson Motor Company

Michael Boskin, Professor of Economics, Stanford University

John Brooks, Executive Secretary and Treasurer, Greater Pennsylvania Regional Council of Carpenters, Pittsburgh, PA

John Dillon, Chairman and CEO, International Paper

Tom Donohue, President and CEO, US Chamber of Commerce

Mack Dove, Chairman and CEO, AAA Cooper Transportation, Dothan, AL

Van Eure, Owner, The Angus Barn Restaurant, Raleigh, NC

Martin Feldstein, Professor of Economics, Harvard University

Marsha Firestone, President, Womens Presidents' Organization

Gary Garczynski, President, National Capital Land & Development Co., Woodbridge, VA

Larry Gaskins, President, L.C. Gaskins Construction Company, Jacksonville, FL

Jerry Hood, Secretary and Treasurer, International Brotherhood of Teamsters

Larry Johnston, Chairman and CEO, Albertsons Inc., Boise, ID

Patrick Jones, Executive Vice President, Extra Touch Dry Cleaners, Lawrenceville, Georgia

Terry Maness, Dean, Hankamer School of Business, Baylor University

Doug McCarron, President, United Brotherhood of Carpenters and Joiners of America

Marilyn Carlson Nelson, Chairman and CEO, Carlson Companies, Minnetonka, MN

Sheri Orlowitz, Chairman and CEO, Shan Industries, LLC

Ray Perryman, President and CEO, The Perryman Group, Waco, TX

Penny Pritzker, President and CEO, Pritzker Realty Group, LLP, Chicago, IL

Grady Rosier, President and CEO, McLane Company, Temple, TX

Allen Sinai, President and Chief Global Economist, Decision Economics

Phyllis Hill Slater, President, Hill Slater Inc., Flora Park, NY

Lou Sobh, President Lou Sobh Automotive, Atlanta, GA

Pamela Thomas-Graham, President and CEO, CNBC

Arthur Wainwright, Chairman and CEO, Wainwright Industries, St. Peters, MO

James Young, President and CEO, Citizens Trust Bank, Atlanta, GA

This panel will discuss the President's agenda to usher in a new era of corporate responsibility. It will be chaired by Commerce Secretary Don Evans. Michael Novak (Business ethicist and Director of Social and Political Studies at the American Enterprise Institute) will be the panel's guest speaker.

Carmen Aguiar, President and CEO, The Aguiar Group, Bellevue, WA

Harry Alford, President and CEO, National Black Chamber of Commerce

Anthony Beyer, President, Tek Pak Inc., Batavia, IL

B.R. and Kirby Brumby, Members, American Association of Independent Investors, Goliad and Houston, TX

Ana Cabral, President and CEO, Hispanic Association on Corporate Responsibility

Truett Cathy, Founder and CEO, Chick-fil-A, Inc.

Ken Chenault, Chairman and CEO, American Express Co.

Carla Fisher, Homemaker, Austin, TX

Jane Franklin, Homemaker, Burnet, TX

Delia Garcia, President and CEO, Arizona Hispanic Chamber of Commerce

Jill Gibson, Student, Yale School of Management, West Orange, NJ

Dick Grasso, Chairman and CEO, New York Stock Exchange

Cynthia Gray, Charter Member, GenXchange Investment Club, Houston, TX

Diana Hoffman, President and CEO, EnviroSystems, Inc., San Jose, CA

Dick Holthaus, President and CEO, National Association of Investors Corp.

Dr. Prem Jain, Owner, Cynergy Systems, Austin, TX

Ron James, President and CEO, Center for Ethical Business Cultures

Charles Korbell, President and CEO, Clarke American, San Antonio, TX

June Lennon, Martin and Lennon CPAs, Greenville, SC

John Markese, President, American Association of Individual Investors

Judi McDonald, President, Eastern Credit Management Services and President, NAIC Chapter, Boston, MA

Hank McKinnell, Chairman and CEO, Pfizer Inc.

Michael Novak, American Enterprise Institute

Frank Raines, Chairman and CEO, Fannie Mae

Dean & Jean Stackfleth, Members, American Association of Individual Investors, Bedford, TX

Julie Still, Librarian, Rutgers University and Member, NAIC Chapter, Philadelphia, PA

Bill Thomas, Professor of Accounting, Baylor University

Michael Useem, Professor of Management, Wharton Business School, University of Pennsylvania

This panel will discuss ways to protect pensions, help Americans protect and grow their retirement savings, and protect Social Security for seniors. Glenn Hubbard (Chairman of the President's Council of Economic Advisers) and Ann Combs (Assistant Secretary of Labor for Pension and Welfare Benefits Administration) will chair the panel. Charles Schwab (Chairman and Co-CEO of Charles Schwab Corporation) will be the panel's guest speaker.

John Bachmann, Managing Partner, Edward Jones, St. Louis, MO

Richard Burkhauser, Professor, Cornell University

Frank & Lucy Ditmore, Retirees and Independent Investors, Austin, TX

Dean Duncan, Member, American Assoc. of Individual Investors, Arlington, TX

Carmen Goldberg, Homemaker & President, WIMMM, Local Investment Club, San Antonio, TX

Bertha Golden, Treasurer, WIMMM, Local Investment Club, San Antonio, TX

Ed Ingram, Member, Heart of Texas Chapter, NAIC, Austin, TX

Steve Kandarian, Executive Director, Pension Benefits Guarantee Corporation

Beverly Klatt, President, College Station Chapter, American Association of Individual Investors, Bryan, TX

Jerry Levin, Member, Member, Chapter of American Assn. of Individual Investors, Philadelphia, PA

Rosario Marin, Treasurer of the United States

Margaret Martin, Principal, Margaret Martin Inc., Laredo, TX

Olivia Mitchell, Wharton Business School, University of Pennsylvania

Denise Murray, Director, Investor Relations, Investment Company Institute

Cathy Patrick, GenXchange Investment Club, Pasadena, TX

Bill Reichenstein, Professor of Finance, Baylor University

Mario Rodriguez, President and CEO, Jonathan Grey & Assoc., San Clemente, CA

Sylvester Scheiber, Vice President, Watson Wyatt Worldwide

Pat Schier, President, Heart of Texas Chapter, NAIC, Austin, TX

Charles Schwab, Chairman and co-CEO, Charles Schwab Corporation

Muriel Siebert, Chairman and President, Muriel Siebert and Company

Bill Sharpe, Chairman, Financial Engines, Los Altos, CA

John Shoven, Stanford University

Jeremy Siegel, Professor of Finance, Wharton Business School, University of Pennsylvania

Jonathon Skinner, Professor of Economics, Dartmouth College

Gilbert & Joyce Weber, Members, American Assoc. of Individual Investors, Arlington, TX

Ty Williams, President, Sentinenal Advisory Services, Austin, TX

This panel will discuss ways to reduce the barriers to growth and the burden of unnecessary red tape for small businesses, that hire the majority of new employees in America. Office of Management and Budget Director Mitch Daniels and Small Business Administrator Hector Barreto will chair the panel. Karen Kerrigan (President and Founder, Small Business Survival Committee) will be the panel's guest speaker.

Susan Philips Bari, President and Founder, Womens Business Enterprise Council

Ann Brown, President, Lowen Corporation, Hutchinson, KS

Jose Cuevas Jr., President, Jumburrito Inc., Midland, TX

Susan Dudley, Senior Research Fellow, Mercatus Center, George Mason University

Brad Eiffert, Owner, Boone County Lumber Company, Columbia, MO

Jack Faris, President and CEO, National Federation of Independent Business

Lupe Garcia, Owner, Garcia Tire LLC, Santa Cruz, NM

Joy Gay, President, AAR Enterprises, Austin, TX

John Graham, Administrator, Office of Information and Regulatory Affairs, OMB

Rusty Harder, Co-Founder and Director, E-Markets, Inc., Ames, IA

Scott Harding, President, F.B. Harding Inc., Rockville, MD

George Herrera, President and CEO, US Hispanic Chamber of Commerce

Thomas Hopkins, Dean, Business School, Rochester Institute of Technology

Al Hubbard, President, E&A Industries, Indianapolis, IN

Ken Jones, MBA Student, Baylor University, Copperas Cove, TX

Arturo Juardo, President, Juardo Inc., Las Cruces, NM

Tom Kelly, Professor of Economics, Baylor University

Karen Kerrigan, Chair and Founder, Small Business Survival Committee

Brian Landon, Owner, Landon's Car Wash and Laundry, Canton, PA

Jose Lopez, Owner, Lopez Advertising Group, El Paso, TX

Lu Ann Walker Maddox, Vice President, Walker and Associates, Harrisburg, IL

Curtis McGuire, Owner and CEO, RedLeg's Lumper Service, Inc., Columbus, OH

Terry Neese, President, Women Impacting Public Policy, Oklahoma City, OK

Mike Nobis, President, JK Creative Partners, Quincy, IL

Egon Scholttmann, Owner, Pics and Gifts, Waco, TX

Elaine Smith, President, E Smith & Associates, Granite City, IL

Alex Soto, President, InSource, Miami, FL

Patricia Pliego Stout, President and CEO, Alamo Travel Group, San Antonio, TX

Xavier Teixido, Owner, Harry's Savoy Grill, Wilmington, DE

Julie Weeks, Managing Director, Center for Womens Business Research

Brian Wesbury, Chief Economist, Griffin, Kubik, Stephens, and Thompson, Inc., Chicago, IL

This panel will discuss the importance of education, job training, job flexibility, and other worker proposals to the future prosperity of individuals and our nation. Labor Secretary Elaine Chao and Education Secretary Rod Paige will chair the panel. John Chambers (President and CEO, Cisco Systems) will be the panel's guest speaker.

Jennifer Alexander, Secretary, Wisconsin Department of Workforce Development

Janet Baker, Superintendent, Hamilton City Schools, Hamilton, OH

Joyce Bales, Superintendent, Pueblo School District, Pueblo, CO

Doug Banes, General Vice President, United Brotherhood of Carpenters

Kenna Barger, Teacher, Randolph County Vocational Technical Center, Elkins, WV

Stefani Boom, Trainee, New Jersey Institute of Technology, Bloomfield, NJ

Johnny Butler, Secretary, Pennsylvania Department of Labor and Industry

John Chambers, President and CEO, Cisco Systems

Milagros Colon, Trainee, Seafarers International Union, Camp Springs, MD

Jerry Contreras, Student, University of Texas-Austin, Laredo, TX

Stephanie Craig, Student, University of Kansas, Edmund, OK

Carly Fiorina, Chairman and CEO, Hewlett-Packard

Chris Hanley, Director of Construction, International Union of Operating Engineers

Eric Hanushek, Senior Fellow, Hoover Institution

Dianna Hernandez, Student, David L. Carrasco Job Corps Center, El Paso, TX

Mike Jaramillo, Member, United Brotherhood of Carpenters, Arlington, TX

Rosabeth Kanter, Professor of Business Administration, Harvard University

Bob King, Chancellor, State University of New York, Albany, NY

George Little, Board Chair, Sandhills Community College, Southern Pines, NC

William Michalowski, Eastern Vice President, United Brotherhood of Carpenters

Charles Miller, Chairman, Meridian National, Inc., Houston, TX

Bob Nardelli, Chairman, President and CEO, The Home Depot, Atlanta, GA

Jane Nelson, Teacher, University High School, Orlando, FL

Eduardo Padron, President, Miami-Dade Community College, Miami, FL

Randy Riddle, Welder, Bush Hog, Johnson City, TN

Ed Rust, Chairman and CEO, State Farm Insurance Company, Bloomington, IL

Mike Sacco, President, Seafarers International Union

Robert Sloan, President, Baylor University

Walter Thompson, Principal, Wyandotte High School, Kansas City, MO

This panel will focus on the President's agenda to create better jobs for Americans by opening world markets to U.S. products and services. Agriculture Secretary Ann Veneman and U.S. Trade Representative Ambassador Robert Zoellick will chair the panel. Glen Barton (Chairman and CEO, Caterpillar) will be the panel's guest speaker.

Glen Barton, Chairman and CEO, Caterpillar, Peoria, IL

Greg Bentley, President, Chairman and CEO, Bentley Systems, Exton, PA

Jagdish Bhagwati, Professor, Columbia University

Howard Byrdsong, Software Engineer, Intel Corp. Albuquerque, NM

Barb Determan, Owner, Home Run Pork, Early, IA

Marlon Font, Student, Florida International University, Miami, FL

Rudy Galvin, Business Manager, UPS, Lubbock, Texas

James Glassman, American Enterprise Institute

Leytrice Henson, Plant Manager, Folgers Coffee, Sherman, TX

Jerry Jasinowski, President and CEO, National Association of Manufacturing

Mike John, Owner, John Ranch, Huntsville, MO

Barbara Keating, President, Computer Frontiers, Germantown, MD

Robert London, UPS Driver, Waco, Texas

Larry Liebenow, President and CEO, Quaker Fabric Corporation, Fall River, MA

Margaret McEntire, Owner, Candy Bouquet International, Little Rock, AR

Joe McKinney, Professor of Economics, Baylor University

Jimmie Morgan, Materials Management Manager, Boeing Commercial Airplanes, Wichita, KS

Donald Patman, Patman Farms, Waxahachie, TX

Dave Phillips, Chairman and CEO, Phillips Industries, High Point, NC

Michael Porter, Professor, Harvard University

Tony Raimondo, Chairman and CEO, Behlen Manufacturing Co., Columbus, NE

James Regan, MBA Student Baylor University, Waco, TX

Maria de Lourdes Sobrino, Founder and Owner, LuLu's Dessert's, Vernon, CA

Christopher Shaffer, Owner, Lightning Farms, Walla Walla, WA

Michael Dee Vaugh, National Director, National Corn Growers Association, Dumas, TX

Wanda Walser, Co-Owner, Automated Food Systems, Duncanville, TX

William Weiller, Chairman and CEO, Purafil, Inc., Doraville, GA

Dane White, President, Future Farmers of America, Eureka, CA

This panel will discuss ways to increase productivity through technology, thereby creating more and better jobs for American workers. Energy Secretary Spence Abraham will chair the panel with Floyd Kvamme (Co-chair, President's Council of Advisors on Science and Technology). Dr. Charles Vest (President, Massachusetts Institute of Technology) will be the panel's guest speaker.

Linda Aerni, CEO, Community Internet Systems, Columbus, NE

Cindy Allen, Fabrication Manager, Texas Instruments, Dallas, TX

Diane Alverio, Partner, Baldwin/Alverio, Hartford, CT

Nancy Bacon, Senior Vice President, Energy Conversion Devices, Troy, MI

Joe Balsarotti, President and CEO, Software to Go Company, Clayton, MO

J.T Battenberg, Chairman, President and CEO, Delphi Automotive

Gordon Binder, Managing Director, Coastview Capital

Don Campbell, CEO, Centech Communications, Silver Spring, MD

Matt Certo, President and CEO, Websolvers, Inc., Winter Park, FL

Wayne Clough, President, Georgia Institute of Technology

George Dobbins, President, Southern Communications Systems, Inc., Memphis, TN

Marye Anne Fox, Chancellor, North Carolina State University

George Gilder, Author and Chairman, Gilder Technology

Kathy Gornik, President, Theil Audio Products Company, Lexington, KY

Royce J. Holland, Chairman and CEO, Allegiance Telecom, Inc., Dallas, TX

Neil Luft, Student, Baylor University

Greg Mankiw, Professor of Economics, Harvard University

Peter McPherson, President, Michigan State University

Bill Miller, President, UTC Fuel Cells, South Windsor, CT

Michele Mirand, Manufacturing Manager, Intel Corp. Chandler, AZ

Koichi Nishimura, Chairman, President, and CEO, Solectron Corporation

Mary Olds, Material Handler, National Semiconductor, Arlington, TX

Reagan Ramsower, Chief Information Officer, Baylor University

Hector de Jesus Ruiz, President and CEO, Advanced Micro Devices

Ivan Seidenberg, Chairman and CEO, Verizon Communications

Mark Shafer, Owner, In Position Technologies, Chandler, AZ

Charles Vest, President, Massachusetts Institute of Technology

Jim Von Ehr, Founder, President and CEO, Zyvex

Meg Whitman, President and CEO, eBay

Jerry Yang, Founder and Chief Yahoo, Yahoo!

This panel will discuss rising health care costs and new approaches to make high-quality health care affordable for all Americans. Health and Human Services Secretary Tommy Thompson will chair the panel. Dr. Bill Roper (Dean, University of North Carolina School of Public Health) will be the panel's guest speaker.

Dr. James Bean, Neurologist, Lexington, KY

Dr. Mark Blackwood, OB/GYN, Cleveland, MS

Barbara Blakeney, President, American Nurses Association

Patty Dedominic, CEO, PDQ Personnel Services, Los Angeles, CA

Dr. Nancy Dickey, President, Texas A&M Health Science Center, College Station, TX

Lex Frieden, Senior Vice President, Institute for Rehabilitation and Research, Houston, TX

Dr. Bruce Fye, Cardiologist, Rochester, MN

Mary Grealy, President, Healthcare Leadership Council

Flora Green, Member, Seniors Coalition

Karen Greenrose, President, American Association of Preferred Provider Organizations

John Hammergren, Chairman and CEO, McKesson Corp.

Lucinda Harmon, Registered Nurse, Salado, TX

Jim Henderson, Professor of Economics, Baylor University

Dr. Edward Hill, Chairman of the American Medical Association, Tupelo, MS

Phil Howard, Chairman, Common Good

Dr. Brent James, Vice President, Medical Research, Intermountain Healthcare

David Lansky, President, Foundation for Accountability

George Luck, Owner, Blubonnet Café, Temple, TX

Dr. Mark McClellan, President's Council of Economic Advisers

David Ness, Vice President, Benefits, Medtronic Inc.

Bill Novelli, Executive Director and CEO, AARP

Vip Patel, Founder, eHealth Insurance

Mark Pauly, Professor, Wharton Business School, University of Pennsylvania

Dr. Priscilla Perry, Cataract and Refractive Surgeon, Monroe, LA

Dr. Edward Rankin, Orthopedic Surgeon, Washington, DC

Ariel and Jessica Rodriguez, Plant Managers, G&M Foam, Fontana, CA

Dr. William Roper, Dean, University of North Carolina Medical School

Una Ryan, President and CEO, AVANT Immunotherapeutics, Needham, MA

Fred and Bertha Salazar, Medicare Plus Choice Patients, San Antonio, TX

Grace Marie Turner, President, Galen Institute

Gail Wilensky, President, Project Hope

(all times central)

9:00 a.m. Forum discussion panels begin at Baylor Law School:

• Small Investors & Retirement Security
• Economic Recovery & Job Creation
• Corporate Responsibility
• Health Care Security
• Small Business & Smarter Regulation
• Education & Workers
• Trade
• Technology & Innovation

10:30 a.m. Forum discussion panels end.

11:00 a.m. Forum plenary session -- Baylor University, Jones Concert Hall (open press)

12:30 p.m. Participants lunch (closed press)

2:00 p.m. Office of Management and Budget Director Mitch Daniels briefs media at press filing center.

2:30 p.m. Treasury Secretary Paul O'Neill and Commerce Secretary Don Evans brief media at press filing center.

3:30 p.m. Agriculture Secretary Ann Veneman and United States Trade Representative Ambassador Robert Zoellick brief media at media filing center.

The President's Economic Forum will be accepting requests for individual one-on-one interviews with members of the President's Cabinet and other participants attending the Forum.

To request an interview please contact White House Media Affairs in Waco at (254) 710-7550.

Our Nation is on track for sustained economic growth because of the resiliency and determination of the American people. However, the President won't be satisfied until every American who wants a job can find a job, and all Americans have economic security.

President Bush believes that economic freedom is the foundation for individual success and prosperity. The President's economic agenda invests in individuals by:

• Creating jobs;
• Expanding opportunities to save and invest;
• Providing a good education; and
• Helping each American own part of the American dream.

America has the most creative, productive, and resilient workforce in the world, and the President wants to make sure that everyone who wants a job can find a job. The President's agenda:

• Increases trade to create better jobs and open vast new markets to American products and services;
• Makes tax cuts permanent to spur the business investment that creates new jobs;
• Removes the barriers to job creation for small businesses that hire the majority of new workers in America;
• Reduces unnecessary government spending and regulation to return to budget surpluses and increase private investment;
• Insists on corporate responsibility to bolster consumer and investor confidence and protect workers' jobs, pensions and retirement;
• Puts in place terrorism insurance provisions that will allow major job-creating construction projects to go forward;
• Implements a comprehensive national energy policy that will create thousands of new American jobs and reduce our dependence on foreign oil; and
• Makes health care more affordable for all Americans.

Saving is the path to independence for Americans in all phases of life, and the President wants to help create the conditions that encourage more Americans to take that path.

Permanent Tax Relief. The tax cuts are critical to our future economic growth and Washington should not take them away. Congress needs to make these cuts permanent. The tax cuts will create 800,000 more jobs this year and help Americans save and invest by:

• Cutting taxes for all taxpayers in all tax rates;
• Doubling the child tax credit to $1,000 to help parents with the high costs of raising children;
• Expanding the earned income credit and making the child credit refundable to put money in the hands of millions of low-income families with children;
• Helping Americans save more for their retirement by raising IRA and 401(k) contribution limits;
• Helping families save for their children's education;
• Repealing the death tax;
• Providing relief from the marriage penalty; and
• Accelerating depreciation so businesses can invest more and hire more.

Pension Protections & Retirement Security. The President signed into law tough new corporate accountability standards that tell workers that what's fair on the top floor should be fair on the shop floor. Under the new law, workers will now be given advance notice before any blackout period begins and company officers will not be allowed to sell their own company stock when workers cannot. The President has proposed additional reforms to help Americans get more timely investment information, have greater access to professional investment advice, and protect and grow their retirement savings by ensuring that front line workers have greater freedom to diversify their retirement portfolios. The President is also committed to ensuring that Social Security benefits are protected for all seniors, and allowing younger workers the option of investing in safe personal retirement accounts.

Confidence. A critical component of saving and investing is confidence. The President wants to return ethics, integrity, and accountability to corporate America so that investors can be confident they have the facts they need to make informed decisions. The President's agenda exposes acts of corporate corruption by increasing coordination with a new Corporate Fraud Task Force. The President's agenda moves corporate accounting out of the shadows by creating a new independent accounting oversight board to police the accounting profession. And the President's agenda protects small investors and pension holders by giving workers the same rights as corporate executives. This Administration will investigate, arrest and prosecute corporate executives who break the law.

Education is the ticket to personal prosperity. Without a good education, the workers of tomorrow simply won't be able to compete in the modern global economy. And the workers of today need access to new skills and new opportunities through continuing education and training. The President's agenda:

• Raises standards and requires results in the classroom;
• Gives parents more control over their children's education;
• Gives local schools more control while holding them more accountable; and
• Invests in today's workers by providing education and training opportunities to learn new skills.

Increasing Homeownership. Owning your own home is the cornerstone of stability and long term financial security. But for many Americans, homeownership is out of reach. The President wants to tear down the barriers to homeownership for all Americans, and increase the number of minority homeowners by 5.5 million by:

• Providing downpayment assistance through the American Dream Downpayment Fund;
• Increasing the supply of affordable homes through housing tax credits;
• Tripling funds for organizations like Habitat for Humanity that help families get their first home; and
• Simplifying the home buying process.

Innovation, Opportunity and Entrepreneurship. Small businesses are the heart of the American economy because they drive innovation and create new jobs. The strength of our Nation is built on the strength of our ideas. The President wants to reward this creativity and innovation and create thousands of new small businesses, including women and minority-owned small businesses, by:

• Tearing down regulatory barriers that prevent the creation of new small businesses and jobs;
• Making lower taxes permanent.
• Making it easier for small business owners to provide health care for their workers;
• Giving tax incentives to small businesses to help them expand, buy more equipment, and hire new workers.

Despite the recent recession and the terrorist attacks:

• Inflation and interest rates are low;
• Auto and retail sales are strong;
• New home sales are setting records;
• Wages are rising faster than inflation;
• Consumer spending remains strong; and
• Industrial production is increasing.

One reason the recession was one of the shortest and shallowest in history was because the tax cuts were well timed. The tax cuts will create 800,000 new jobs this year and they pumped $40 billion back into the pockets of consumers just when they needed it most.

As the President continues to pursue his agenda to create jobs; open foreign markets to American goods; help Americans save, invest and keep more of their money; and foster a new ethic of corporate responsibility; our economy will continue to grow.

Baylor University was chartered in 1845 by the Republic of Texas through the efforts of Baptist pioneers. It is the oldest continuously operating institution of higher learning in Texas, is affiliated with the Baptist General Convention of Texas, and is the largest Baptist university in the world.

While remaining true to its heritage, Baylor has grown to more than 14,000 students, and the University's nationally recognized academic divisions provide 164 undergraduate degree programs, 73 master's degree programs, and 19 doctoral degree programs.

Baylor's schools and colleges include the College of Arts and Sciences, School of Law, Hankamer School of Business, School of Music, School of Engineering and Computer Science, Louise Herrington School of Nursing, School of Education, Honors College, Graduate School and George W. Truett Theological Seminary

Outstanding faculty and program reputations at Baylor include those in entrepreneurship, undergraduate pre-medical/pre-dental, church-state studies, undergraduate and graduate mentorship in organ and piano performance, law, religion and several grant-supported areas in the field of education, as well as the University Scholars Program, Honors Program and Baylor Interdisciplinary Core.

Baylor consistently attracts high-quality students from all 50 states and some 85 countries. It ranks among the Nation's top 1 percent in the number of freshman National Merit Scholars enrolled and is one of eight Texas colleges or universities and one of only 265 institutions in the country with a Phi Beta Kappa chapter.

Baylor employs approximately 750 full-time and nearly 200 part-time instructional faculty members. Eighty percent of the full-time faculty members have terminal degrees. Approximately 11 percent of full-time faculty are members of Phi Beta Kappa, the Nation's oldest academic honor society.