THE WHITE HOUSE

Office of the Press Secretary

STATEMENT BY THE PRESIDENT

I would like to express my deep gratitude to Arthur Levitt for his almost eight years as Chairman of the Securities and Exhange 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 finanancial 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.

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