[Congressional Record Volume 140, Number 16 (Wednesday, February 23, 1994)]
[Extensions of Remarks]
[Page E]
From the Congressional Record Online through the Government Printing Office [www.gpo.gov]

[Congressional Record: February 23, 1994]
From the Congressional Record Online via GPO Access [wais.access.gpo.gov]

                    TRIBUTE TO HAROLD E. DOLEY, JR.


                          HON. JULIAN C. DIXON

                             of california

                    in the house of representatives

                      Wednesday, February 23, 1994

  Mr. DIXON. Mr. Speaker, I rise today to pay tribute to Mr. Harold E. 
Doley, Jr. Mr. Doley, chairman of Doley Securities, Inc., is the 
first--and at present, only, African-American to hold a seat on the New 
York Stock Exchange.
  A native of Louisiana, Mr. Doley began his career in the property 
business around 1968 and from there, moved on to become an account 
executive for Bache and Company. In 1972, he was selected by 
Shareholders Management Company as Outstanding Stockbroker of the Year.
  Mr. Doley's widely acknowledged expertise about the stock exchange 
was gained the practical way--as a floor broker. As assistant vice 
president with the firm of Howard, Weil, Labouisse, Friedrichs, Inc., 
he handled the accounts of banks, insurance companies, and universities 
with portfolios totaling over $500 million. During the same period, he 
served as an instructor at Southern University in New Orleans.
  In 1973, using his life's savings, Mr. Doley became the first 
African-American to own a seat on the New York Stock Exchange. Three 
years later, in 1976, he founded Doley Securities, Inc., a firm which 
offers an array of brokerage, trading, financial advisory, and 
investment banking services to institutions, government organization, 
and selected individuals. Doley Securities is a member of the Municipal 
Securities Rulemaking board and the Securities Investor Protection 
  From 1980 to 1981, Mr. Doley served as a board member of the 
Louisiana State Mineral Board. As chairman of the Royalty Accounting 
Committee, he supervised and advised the staff to ensure that 
established guidelines and procedures for payment of royalties were 
complied with.
  Mr. Doley also served as director of the United States Department of 
Interior's Minerals Management Service [MMS]. During his term of 
office, he presided over the development and implementation of 
initiatives to improve the overall fiscal accountability of MMS. In 
addition, he directed implementation of the largest nondefense computer 
installation in the U.S. Government.
  In 1983, then-President Ronald Reagan appointed Mr. Doley to serve as 
U.S. Executive Director of the African Development Bank and the African 
Development Fund [AFDB/AFDF]. As the U.S. representative, Mr. Doley was 
responsible for Federal Government policy on major issues and 
supervised the preparation of reports, analysis, and legal documents 
required to implement a range of sophisticated and complex economic, 
monetary, and financial operations. In addition, he was designated to 
represent the United States at international conferences related to the 
  Mr. Doley is a frequent quest lecturer on fiscal management and 
investment banking to trade and professional organizations and at many 
institutions of higher learning. He is a graduate of Xavier University 
in New Orleans, the Harvard Business School, and holds honorary degrees 
from Clark Atlanta University and Shaw University. In addition, he is a 
member of the board of trustees of Shaw University.
  Mr. Doley's other affiliations include the African-American 
Institute, Population Resource Center, and the United States-African 
Chamber of Commerce.
  In 1989, 1990, and 1992 he was selected by the Wall Street Journal, 
along with three other of the Nation's top money management experts, as 
a participant in the Stock Pickers' Choices contest; participants were 
to make projections on the best stock picks for each respective year. 
Mr. Doley was the overwhelming winner in 1989.
  Mr. Doley, who continues to serve as Chairman of Doley Securities, 
Inc., has appeared as a guest on CNBC, CNN, FNN, the Today Show, 
Nightly Business Report, Wall Street Week, and has been featured in the 
New York Times Sunday financial section and in U.S. News and World 
  Mr. Doley is married and the father of two children. His son, Harold, 
III, serves as the president of Doley Securities, Inc.
  Mr. Speaker, I am pleased to join with Mr. Doley's family and 
colleagues in the business and financial community in saluting him on 
his two decades of outstanding achievements as a member of the New York 
Stock Exchange. I join with them in wishing him continued success.