Washington, DC — July 15, 2002 — Supporting President Bush’s recent statement on corporate responsibility and creation of a Corporate Fraud Task Force, Tim Hammonds, president and CEO of the Food Marketing Institute (FMI), issued the following statement today.

“As the leading representative of the food retail and wholesale industry, FMI applauds the President’s call for a New Ethic of Responsibility and Era of Integrity in corporate America.

“Restoring faith in America’s business leaders is essential to preserving the free enterprise system itself. Throughout FMI’s 25 years, our members have observed the cornerstone of our Statement of Philosophy: ‘The grocery retailer, from the smallest corner store to the largest supermarket company, is the purchasing agent for the consumer.’ We have lived by the pledge set forth by our founders in that same statement, that ‘FMI must maintain a reputation of openness, honesty and trust. The integrity of the organization must never be compromised.’

“These words have never been more important than today. We will redouble our efforts to live and work by them.”