Chairman D'Amato, Senator Sarbanes and Members of the Committee, as a member of the Committee staff, it is an especially great honor to appear before you today to testify in connection with my nomination by the President to be Commissioner of the Securities and Exchange Commission.
I am also pleased to share the table today with my able colleague, Paul R. Carey, the President's choice for the other vacant SEC Commissioner seat, a fellow New Yorker, and an individual with whom I have had the pleasure of working. If confirmed, I look forward to sharing a table at the Commission with Mr. Carey.
As the Chairman knows, I joined his staff as a Congressional Fellow from the SEC almost exactly seven years ago. Over the last seven years, I have had the pleasure and privilege to work closely with the Chairman and Committee members on a variety of issues. It has never been dull. I have had the opportunity to work on a number of important pieces of legislation and have enjoyed every moment of my tenure on the Committee staff.
Working for the Chairman and the Committee at this challenging time in our financial history has afforded me the opportunity to help shape the securities laws and to participate in important policy decisions concerning the efficiency and fairness of the capital markets and the protection of investors. Should the Senate confirm my nomination, I look forward to continuing my work in this area as an SEC Commissioner.
The Commission's mission is to administer and enforce the securities laws to protect investors and to maintain fair, honest, and efficient markets. To fulfill this mission, the SEC must consider the delicate balance between investors and the marketplace. Without investor confidence, the capital markets will not flourish. However, too much regulation will make the markets an unattractive source of financing to companies. If confirmed, I will work to ensure that the Commission's programs strike the appropriate balance.
I feel extraordinarily honored to have been the President's choice for a seat on the Commission. As the Commission heads toward the 21st century, it will face a myriad of challenges, including issues involving market structure, technology, internationalization, continued growth in the mutual fund industry, and financial modernization. If confirmed, I welcome the opportunity to work on these issues and to be a member of the Commission as it prepares for the new millennium.
When I left the SEC seven years ago to come to Capitol Hill and work for Senator D'Amato, I promised I would return to the Commission. Hard as it will be to leave the Committee, the Committee members, and my colleagues on the staff, should the Senate confirm my nomination, it is with great enthusiasm and anticipation that I will return to the Commission to serve as a Commissioner. If confirmed, I look forward to continuing to work with this Committee and staff in my new capacity.
Thank you, Mr. Chairman. I look forward to answering any questions.
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