THE WHITE HOUSE
Office of the Press Secretary
For Immediate Release
December 20, 2000
STATEMENT BY THE PRESIDENT
I would like to express my deep gratitude to Arthur Levitt for his
almost eight years as Chairman of the Securities and Exhange Commission.
As the longest serving Chairman in the Commission?s history, Arthur?s
leadership, experience, and steadfast dedication have helped promote and
sustain America?s capital markets as the very finest in the world, during a
period marked by a renewed emphasis on innovation, entrepreneurship, and
investing. This time of unprecedented growth has brought new and unique
challenges to America?s markets, and Arthur Levitt led the SEC?s response
to the forces of technology, competition, and globalization.
Above all else, he has been a true champion of the individual
investor. He has worked tirelessly to educate and protect America's
investors, speaking to thousands of investors in Investor Town Hall
meetings across the country. In addition, he has worked to put more
information and greater power in the hands of investors, increasing
transparency in the marketplace and making financial information accessible
to everyone. He has responded quickly to the rise in Internet fraud by
launching an Internet enforcement team to prosecute it.
In a period when timely and accurate financial information is more
critical than ever before, Arthur led campaigns to improve the quality of
finanancial reporting, and sponsored market initiatives to increase market
disclosure and lower costs for investors.
America?s capital markets and its investors have benefited
significantly from Chairman Levitt?s enduring vision, judicious oversight
and abiding sense of fair play. I wish Arthur and his wife, Marylin, all
the best in their future endeavors, and join our nation?s investors in
thanking him for his years of commitment and public service.