Arthur Levitt Jr.

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Arthur Levitt Jr. is an American financial services regulator who served as the 25th chairman of the U.S. Securities and Exchange Commission (SEC) from 1993 to 2001, making him the longest-serving SEC chairman in history. Known for his advocacy of investor protection and market integrity, Levitt's tenure at the SEC was marked by significant regulatory reforms and initiatives aimed at improving transparency and fairness in financial markets.
== Background ==
Born on February 3, 1931, in Brooklyn, New York, Levitt is the son of Arthur Levitt Sr., who served as New York State Comptroller for 24 years. His early exposure to public service and finance through his father's career would later influence his own professional path.
Levitt's career in the financial industry began in 1963 when he joined the brokerage firm Carter, Berlind & Weill. The firm later evolved through mergers to become Shearson Loeb Rhoades, with Levitt serving as its president from 1969 to 1978.
In 1978, Levitt became the chairman of the American Stock Exchange (AMEX), a position he held until 1989. Following his tenure at AMEX, he served as the chairman of the New York City Economic Development Corporation from 1989 to 1993.
Before joining the SEC, Levitt owned Roll Call, a newspaper covering Capitol Hill.
=== SEC Chairmanship ===
Appointed by President Bill Clinton in July 1993 and reappointed in May 1998, Levitt's tenure as SEC chairman was characterized by his focus on investor protection and market integrity. Early in his tenure at the SEC, Levitt created the Office of Investor Education and Assistance and established the Web site at www.sec.gov, which gives the public free access to corporate filings. 
During his time at the SEC, Levitt implemented several key initiatives:
* Improving financial reporting quality and strengthening auditor independence.
* Implementing Regulation Fair Disclosure (Reg FD) to prevent selective disclosure of material information.
* Reforming the order handling rules in the Nasdaq market, which significantly reduced trading costs.
* Promoting the use of plain English in financial disclosures and SEC communications.
* Combating internet fraud and enhancing investor education.
Levitt's tenure was not without controversy. In 1994, he faced criticism for his role in the debate over the accounting treatment of stock options, where he urged the Financial Accounting Standards Board (FASB) not to proceed with a proposed rule that would have required companies to expense stock options.
He resigned as SEC chairman on February 9, 2001.
=== Post-SEC Career ===
After leaving the SEC in 2001, Levitt joined the Carlyle Group as a senior advisor. He has also served on various corporate boards and continued to be an advocate for investor protection and financial market reform.
Over the years, Levitt has given money to both Republicans and Democrats; he was considered by the Bush White House for the SEC chairmanship, but was passed over for Richard C. Breeden, who had solid Republican credentials.
In December of 2008, Levitt fired back at critics trying to lay at his feet some of the blame for the Bernie Madoff scandal, saying that he didn't see any evidence that the SEC dropped the ball. He also denied allegations that he had a close relationship with Madoff.
== Education ==
Levitt graduated Phi Beta Kappa from Williams College in 1952 with a degree in English. After college, he served for two years in the U.S. Air Force before beginning his career in finance.
==Resources==
*Don't Set Speed Limits on Trading, by Arthur Levitt (The Wall Street Journal)
== References ==	
Category:Former Publisher
Category:Former Exchange Chairmen
Category:Regulatory Officials
Category:Securities and Exchange Commission
Category:Securities and Exchange Commission - Former Employees
Category:Former SEC Chairmen
Category:AMEX
Category:AMEX - Former Employees
Category:Shearson Loeb Rhoades
Category:Shearson Loeb Rhoades - Former Employees
Category:New York City Economic Development Corporation
Category:New York City Economic Development Corporation - Former Employees
Category:The Carlyle Group
Category:The Carlyle Group - Former Employees