Thank you. Chairman D'Amato, Senator Sarbanes, Members of the Committee.
I am grateful to the President for nominating me to the Securities and Exchange Commission. I am also honored to appear before you today and appreciate the Committee's scheduling a hearing in such an expedited fashion. I am especially pleased to be embarking on this endeavor at the same time as Laura Unger. I have had the good fortune to work with Laura on many issues. If confirmed, I am enthusiastic about the contribution we can both make to this Commission by our ability to work together.
Before his elevation to the Supreme Court by President Roosevelt, William 0. Douglas served as the third Chairman of the SEC -- from 193 7 to 193 9. 'He described the mission of the SEC in very simple but compelling words: "We are the investor's advocate." It remains true to this day and I believe it has been particularly evident during the tenure of Chairman Arthur Levitt. I am proud to note that my relationship with the Chairman dates back to the 1970s when our fathers served together as Governor and Comptroller of New York State. If confirmed, I look forward to extending into this generation the shared honor of public service of our two families by joining the SEC with Chairman Levitt.
I believe the SEC in recent years has been a model for the relationship that should exist between the regulators and the regulated. This relationship requires both a healthy tension and a level of cooperation on a variety of issues. We have improved the way our markets function and preserved the United States capital markets' exemplary standing throughout the world. As a result, I believe fairness and transparency in our markets have been enhanced, to the enormous benefit of investors.
Many of the challenges that lie ahead are in the relationship between our markets and those of other nations. Ongoing efforts to arrive at international accounting standards as well as cooperation on enforcement matters should permit us to accommodate the growth of cross-border transactions without diminishing investor protection. The integrity of our markets and the confidence it has produced is owed in large measure to the vigorous enforcement efforts of the SEC. Markets are dramatically affected by the rapid development of technology, which presents both opportunities and risks that must be carefully monitored. Investors will also benefit from the SEC's "plain English" effort to make disclosure documents clearer and easier to understand as well as the Investor Education and Assistance Program which gives investors a forum in which they can get objective information.
It takes vigilance and judgement to encourage capital formation and vigorously maintain
investor protection. This will be my principal concern if I am confirmed by this Committee and
the full Senate as a Securities and Exchange Commissioner. I hope that I can look forward to
working with this Committee and its staff on the many issues we will face together. Thank You.
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