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SEC chairman Arthur Levitt to resign in coming months
The SEC chair Arthur Levitt announced his resignation after years of service, saying he notified the White House and incoming Bush administration. Vice President elect Dick Cheney was briefed, with no timetable for a successor. President Clinton praised Levitt as a steady leader who guided the agency through competition and globalization. Levitt, in his second term, faced a June 2003 expiration after being first appointed in July 1983 and reappointed in May 1998.
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