President George W Bush has vowed to protect America's retirement savings, in an attempt to address voters' economic concerns ahead of next month's mid-term elections.

"Turbulence in the financial markets reminds us that every investment carries some risk," he said in his weekly radio address, noting that US workers hold some $1.5 trillion in retirement savings accounts.

"Yet American workers also have rights which must be respected and enforced.

"This is real money for real workers and we must do all we can to help make sure it's there for them when they retire."

After a string of corporate scandals, and the simultaneous collapse of stock markets around the world, US voters are highly nervous of their financial security, and Mr Bush's Republican party is seen as vulnerable on the issue.

Trading punches

Although the election campaign has been dominated by foreign policy issues, the economy is becoming an increasingly bitter battleground.

Mr Bush admitted last week that the economy was "not as good as we'd like it to be," but blamed the Democrat-led Senate for blocking what he called "common-sense" proposals to protect savers.

The Democrats, meanwhile, allege that the Republicans' pro-business policies helped set the stage for scandals such as the collapse of Enron last year.

"It's not Democrats who have given us the grizzliest bear market since the Great Depression," said Shannon O'Brien, the Democratic party's candidate for governor of Massachusetts.

Stepping up

Mr Bush has now promised to push through a package of "tough new rules" to secure retirement savings.

He said his government will require companies to give their workers 30 days' notice before putting any blocks on so-called 401(k) retirement plans.

The stock market regulator, the Securities and Exchange Commission, is also drafting rules to bar corporate officers and directors from trading in company shares when workers are kept from doing so, Mr Bush said.

It was this sort of inequality that left many Enron employees with near-worthless 401 (k) shares, as staff were not allowed to sell their stock as the company collapsed.

"These rules are a step forward in protecting the rights of investors," Mr Bush said.

"More steps are needed."