Senate Banking, Housing and Urban Affairs Committee

Chairman D'Amato is to be commended for moving promptly to hold this confirmation hearing. The position of Chairman of the Securities and Exchange Commission is tremendously important. It is important because the capital markets are central to our economic growth, allowing businesses to raise the funds they need to grow. It is important because investing has surpassed saving in the financial strategies of America's families, who rely on individual securities and mutual funds to pay for goals such as college educations and retirements. The confidence of the markets depends in part on the knowledge that a vigilant regulator is on the job, and that in turn depends in part on having a strong hand in charge of the SEC. I am glad that we are moving expeditiously on the confirmation process for this position.

We are fortunate to have a well-seasoned nominee for the position of SEC Chairman, namely the current Chairman, Arthur Levitt, who has served in the position for the past five years. While serving during the longest bull market in history, Chairman Levitt has not been complacent. He believes in fixing the roof while the sun is shining. He has pressed for improved accounting standards and promoted investor education. He has initiated important steps to improve information available to investors in municipal bonds, to align the compensation of brokers with the interests of investors, to end abuses in the over-the-counter market and to receive information on the operations of derivatives dealers. I will submit written questions to Chairman Levitt regarding his views about the current state of the securities markets, his priorities for his next term and a few areas where I think vigilance by the SEC is warranted.

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