In the wake of the WorldCom Inc. scandal, President Bush has asked Federal
Communications Commission chairman Michael Powell to join the new interagency
Corporate Fraud Task Force.
"There is a severe capital crisis putting a tremendous strain on the
telecommunications industry," Powell said after accepting the appointment. "It
is imperative to do everything possible to restore investor confidence in this
critical sector of the American economy. 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."