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.