ICI Issues Statement on SEC Chairman Arthur Levitt's Decision to Step Down

Washington, DC, December 20, 2000 - The following is a statement from Investment Company Institute President Matthew P. Fink regarding today’s announcement by U.S. Securities and Exchange Commission Chairman Arthur Levitt regarding his plans to step down as Chairman before mid-February 2001:

"Arthur Levitt is the investors’ champion. The longest serving Chairman in the Commission’s history, Chairman Levitt has elevated the principles of investor protection and education as large numbers of middle-income households turned to the investment markets, especially mutual funds, to achieve their long-term financial goals. Chairman Levitt has succeeded in establishing the overriding importance of investor protection. In doing so, he has secured a special place of honor and distinction in this nation’s history."