November 13, 2000
The Honorable Arthur Levitt, Jr. The Honorable David M. Walker Dear Chairman Levitt and Mr. Walker: We are writing to thank the Securities and Exchange Commission (SEC) for its November 3, 2000, progress report on implementing the recommendations of the U.S. General Accounting Office (GAO) for bettering investor protection in on-line trading. We also are requesting additional review by GAO. Chairman Levitt’s transmittal letter calls the GAO recommendations "thoughtful" and notes that "it is important that regulators ensure that investor protection standards are maintained as the industry evolves." We wholeheartedly agree. In that regard, we are encouraged by the actions that have been undertaken by the SEC and the National Association of Securities Dealers to identify or confirm shortcomings in the current investor-protection safety net and to design appropriate means to address them. Given that this work is in preliminary stages or is otherwise still ongoing, we respectfully request that these efforts continue apace and that the SEC submit a follow-up progress report on May 1, 2001. We hope that these important matters are largely resolved by that time. Investors commit their money because they have confidence in the quality and integrity of America’s markets. The great promise of on-line trading should not be forestalled by a diminution in investor confidence. We also are transmitting to GAO a copy of the SEC progress report and respectfully request that GAO continue to monitor these developments and be prepared, also in May 2001, to be able to assess and report on the adequacy of the SEC and SRO actions taken to address the issues raised in On-Line Trading: Better Investor Protection Needed on Brokers’ Web Sites. Thank you for your cooperation and attention to our request. Sincerely, JOHN D. DINGELL RON KLINK EDWARD J. MARKEY EDOLPHUS TOWNS
| |
|
 |
 |
 |
 |
 |
 |
 |
 |
