[Congressional Record Volume 151, Number 85 (Thursday, June 23, 2005)]
[Extensions of Remarks]
[Pages E1322-E1323]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




   TRIBUTE TO SECURITIES AND EXCHANGE COMMISSION CHAIRMAN WILLIAM H. 
                               DONALDSON

                                 ______
                                 

                         HON. CHARLES H. TAYLOR

                           of north carolina

                    in the house of representatives

                        Wednesday, June 22, 2005

  Mr. TAYLOR of North Carolina. Mr. Speaker, today I rise to honor the 
accomplishments of outgoing Securities and Exchange Commission Chairman 
William H. Donaldson. Chairman Donaldson has announced his retirement, 
but he leaves behind a legacy of hard work, integrity, and achievement.
  Mr. Donaldson was certainly well prepared to lead the SEC. He is a 
veteran of the Marine Corps and a graduate of Yale University. The 
Chairman has more than 45 years of high-level business and government 
experience. He is the founder and former CEO of the investment banking 
firm Donaldson, Lufkin and Jenrette and is the former Chairman and CEO 
of the New York Stock Exchange. Chairman Donaldson has over five 
decades of government experience, including service as Under Secretary 
of State to Henry Kissinger.
  When Mr. Donaldson took the helm of the SEC on February 18, 2003, our 
faith in corporations and financial markets was severely strained. The 
Chairman immediately set out to remedy these ills by advocating 
internal reform of the Commission and external reform of securities 
markets. Chairman Donaldson has accomplished his primary goals of 
improving disclosure and transparency, protecting investors by helping 
to eliminate conflicts of interest and self-dealing by brokers, 
detecting and punishing securities fraud, and making the SEC more 
effective, efficient and cooperative. In addition, Chairman Donaldson 
has taken the agency from a re-active to pro-active posture. Donaldson 
once said ``look over hills and around corners'' and introduced a risk-
based approach to actions.

[[Page E1323]]

  Through the principle and diligence of William Donaldson, the agency 
completed the Sarbanes-Oxley rulemaking process, strengthened mutual 
fund oversight to alleviate potential fraud and abuse in the future, 
and reinforced the SEC's enforcement and examination programs. During 
his tenure the SEC hired 1,200 new employees and also promoted 
teleworking and a virtual workforce. Perhaps most impressively, under 
Mr. Donaldson's leadership the agency prosecuted more than 1,700 
enforcement actions, the two highest annual totals in the SEC's 
history. During this time the SEC authorized more than $7 billion in 
penalties to companies which have not played by the rules.
  Mr. Speaker, our Nation's financial institutions are stronger and 
more secure because of the due diligence of William H. Donaldson. I 
know that my colleagues in the House of Representatives wish him well 
in his future endeavors. But at this moment and at this time in our 
country's history he and his staff have made a great contribution.

                          ____________________