Key escrow for all encryption?

Fellow Cypherpunks, Please gently correct my misinterpretation of the White House press release. I read it to state that commercial encryption must embody key escrow, even if it's not Clipper. Does this mean we must turn over our one-time pads and our PGP private keys to a government agency? I don't like this. Not one bit. Perhaps the CPSR request for votes should have read, "I oppose key escrow," not just "I oppose Clipper." - Jim Nitchals