Sen. Phil Gramm, chairman of the Senate Committee on Banking, Housing and Urban Affairs, made the following statement today on the announced departure of Arthur Levitt, chairman of the Securities and Exchange Commission:

"Arthur Levitt is not only the longest serving chairman of the SEC, but he leaves a proud record of stewardship of the American equities markets. His historic tenure will be remembered for his sense of dedication and hard work, as well as his commitment to American investors. It has been my honor to work with him."