John Chambers, chief executive at Cisco, used a keynote speech at a networking convention in Chicago this week to warn against expensing of stock options.

“Jobs would go in the first decade, followed by the companies,” Reuters quoted Chambers as saying. Cisco has been adamant in its opposition to the move to expense stock options in wake of the Enron and other Wall Street scandals.

Chambers said legislation to require such a move should be called “the engineering and high-tech job export act of 2003.”

Also in the speech, Chambers said an economic rebound should lead to an increase in IT spending.

“They will spend on IT as it relates to productivity,” Chambers said of corporations.

Cisco will announce its latest quarterly earnings on May 6.