[Weekly Compilation of Presidential Documents Volume 36, Number 51 (Monday, December 25, 2000)]
[Page 3143]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
Statement on the Resignation of Arthur Levitt as Chairman of the 
Securities and Exchange Commission

December 20, 2000

    I would like to express my deep gratitude to Arthur Levitt for his 
almost 8 years as Chairman of the Securities and Exchange 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 financial 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.