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April 30, 1998

Senate Confirms Levitt's Renomination

By Jeffrey L. Winograd

Securities and Exchange Commission Chairman Arthur Levitt has survived the chill in his relations with Sen. Phil Gramm (R-Texas) and Sen. Lauch Faircloth (R-N.C.).

As previously reported, the lawmakers were unhappy with Levitt's support for new derivative-related rules initially proposed by the Financial Accounting Standards Board. Politically, the worst is now behind Levitt.

The Senate Banking Committee Chairman, Sen. Alfonse D'Amato (R-N.Y), asked the Senate to move Levitt's nomination for a second term by unanimous consent.

He got his way, albeit on a voice vote and with most members out of town. Levitt's second term will expire June 5, 2003.