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Office of the Press Secretary

For Immediate Release April 28, 1993


(Washington, D.C. ) President Clinton today announced his intention to nominate Arthur Levitt, Jr. - owner of the Capitol Hill newspaper Roll Call and formerly Chairman of the American Stock Exchange - as a member of the Securities and Exchange Commission. Once Levitt is confirmed as a member, the President intends to designate him Chairman of the SEC.

"Backed by 20 years of experience in high finance and newly introduced to the workings of Capitol Hill, Arthur Levitt is well prepared to take the helm at the SEC," the President said. "I have full confidence he will use his office wisely to strengthen public confidence in our country's financial agencies."

Levitt served as Chairman of the American Stock Exchange from 1978 - 89, during which time he oversaw numerous trading innovations and significant increases in volume. In 1990, he left the exchange to found Levitt Media Company, which publishes Roll Call, the Newspaper of Congress.

Levitt served from 1969 - 78 as President and Director of Shearson Hayden Stone, Inc., known today as Shearson Lehman Brothers, and spent three years at Oppenheimer Industries (1959 - 62), eventually rising to executive vice president and director. He worked as an Assistant Promotion Director for Time, Inc. from 1954 - 59.

Levitt is current chairman of the New York City Economic Development Corporation and has served on a number of federal commissions, including the President's Private Sector Survey on Cost Control (1982 - 84) and the President's Task Force on the Private Sector Initiatives (1981 - 82). He was Chairman of the White House Small Business Conference Commission from 1978 - 80.

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Levitt sits on 10 corporate and philanthropic boards including Equitable Life Assurance Society of the United States, the New York Daily News, the Rockefeller Foundation and the Solomon R. Guggenheim Foundation. He founded the American Business Conference.

Levitt graduated Phi Beta Kappa with a B.A from Williams College in 1952 and served in the United States Air Force from 1952 - 54. He is married to Marilyn Blauner and the couple have two children.

The SEC is an independent, quasi-judicial regulatory agency created by Congress under the Securities Exchange Act of 1934. The SEC's mission is to provide protection to investors and to preserve the fairness and integrity of the U.S. securities market through the administration and enforcement of federal securities laws.