March 25, 1998
Thank you Mr. Chairman for calling this hearing on the renomination of Mr. Arthur Levitt to be the Chairman of the Securities and Exchange Commission. In the press, Mr. Levitt has been called a "renowned consensus-builder," "the most controversial chairman ... in many a decade," and lastly, "the most powerful and effective SEC chairman in memory."
Whatever one calls Chairman Levitt, it is safe to say he has experienced a very eventfid first term full of accomplishment. Mr. Levitt restructured and cleaned up the National Association of Securities Dealers and the NASDAQ over-the-counter-market. In addition, Mr. Levitt led the charge in cleaning up the municipal bond market. I think most all would agree these accomplishments were good not only for investors, but for competition in general.
While we do not always agree, it is clear that Chairman Levitt has served the
Commission well. I want to convey my support for Mr. Levitt in his endeavor to serve another
term as Chairman of the Securities and Exchange Commission. I look forward to the hearing and
Chairman Levitt's comments.
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