2000 Municipal Market Roundtable (Welcome)
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U.S. Securities and Exchange Commission


2000 Municipal Market Roundtable
October 12, 2000
Washington, D.C.

United States Securities and Exchange Commission
Office of Municipal Securities

Ms. Haines  – I'd like to welcome you to the 2nd Annual Municipal Market Roundtable that we put on here at the Commission.

But before beginning the first round, I'd like to take a few minutes to comment what would be very current events here at the SEC.

The next speaker, Paul Maco, as you know has directed the Office of Municipal Securities since its establishment in 1995. And he recently announced that he is leaving the Commission to resume the private practice of law here in Washington. In fact, tomorrow is his last day.

Before joining the Commission about a year ago, I spent more than 20 years as a bond attorney in Chicago. As a result, I feel qualified to speak both from an industry perspective and on behalf of the OMS staff as a whole. To acknowledge the debt of gratitude which the industry owes to Paul for all the positive changes which he has caused in the municipal securities market.

During Paul's watch, disclosure practices, market integrity and transparency have vastly improved. This was not accidental. For more than five years, Paul has worked ceaselessly to raise industry awareness of the requirements of the securities laws. He's given more than 250 speeches and other presentations in venues all over the country.

Furthermore, he has vigorously championed enforcement of the securities laws in appropriate municipal market cases. And he's had the courage to take on some of the toughest issues that we face, like pay-to-play.

If you know Paul, he has many other diversions too. Besides teaching law at Boston University and American University, he has served for many years on the board of directors of Traditions for Tomorrow, which is a non-profit corporation supporting indigenous cultural activities in Central and South America. And before the arrival of his star player, he frequently traveled to countries such as Nicaragua and Bolivia to participate actively in its good work.

Since his marriage to Lisa and Clare's birth, Paul has become a dedicated family man as well, which is certainly a good thing, as I understand that he and Lisa are expecting a son this spring.

I would like to ask you then to join with the OMS staff and me in wishing fair weather and good sailing to Paul in his post-regulatory life.


On to Opening Remarks...


Modified: 03/21/2001