[Congressional Record Volume 144, Number 51 (Thursday, April 30, 1998)]
[Extensions of Remarks]
[Pages E721-E722]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




 TRIBUTE TO WILLIAM McLUCAS, DIRECTOR OF ENFORCEMENT, U.S. SECURITIES 
                        AND EXCHANGE COMMISSION

                                 ______
                                 

                          HON. JOHN D. DINGELL

                              of michigan

                    in the house of representatives

                        Thursday, April 30, 1998

  Mr. DINGELL. Mr. Speaker, it is my honor and privilege today to 
commemorate the career of a remarkable public servant.
  Bill McLucas, the Director of Enforcement at the U.S. Securities and 
Exchange Commission, will soon be leaving his important post after 
twenty-two years of distinguished service to his country with eight of 
those years as this country's chief securities enforcer.
  The Enforcement Division protects the nation's investors by 
uncovering and prosecuting fraud in our financial markets. Under Bill's 
leadership, the SEC's Enforcement Division has secured its place as one 
of the crown jewels in the country's ongoing efforts to combat white 
collar crime. Tens of millions of investors have benefited from Bill's 
fierce commitment to fighting fraud.
  In 1995, Bill gave a speech in San Diego warning the municipal market 
that the SEC was planning to ``tack a few hides to the shed door''--a 
remark for which he was teased and criticized for years afterwards. 
However, I come to the House Floor to praise him. His remarks were dead 
on the mark.
  Pensioners, retirees, widows with insurance proceeds, parents trying 
to help their kid pay for college, couples saving for their first 
home--these are the people Bill McLucas thinks about and works for 
every day. And, Bill has done the right thing for the right reasons for 
a very long time.
  His remarkable record of accomplishment includes: the unprecedented 
resolution of the Prudential limited partnership scandal; the vigorous 
prosecution of insider traders on Wall Street who abused their 
positions of trust; the complex actions against major firms that helped 
rig auctions for government securities; and the discovery of abuses on 
NASDAQ that for many years harmed investors in the over-the-counter 
market.
  Though his Division seems always to have had limited resources, Bill 
seems always to have found a way to bring small scale frauds to justice 
as well.
  Although he is moving on, Bill has left an indelible mark on the SEC 
and the Enforcement Division that should last for generations. His 
integrity, decency, commitment to fair play, and inherent sense of 
justice have made an extraordinary contribution to the success of our 
markets--success that can't be measured on a profit and loss statement 
or a balance sheet. We owe him our profound thanks.

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