FOR IMMEDIATE RELEASE                             2001-87

           Accomplishments of Senator Gramm Lauded

     Washington, DC, September 4, 2001 -- Securities and
Exchange Commission Chairman Harvey L. Pitt today released
the following statement in response to Senator Phil Gramm's
announcement of his decision not to seek re-election:

     Senator Phil Gramm is a remarkable public servant.
     When his current Senate term ends, he will have
     served our country for a quarter century with
     distinction and honor.  Accomplished economist,
     born teacher, creative thinker, and a man of
     unparalleled judgment, Senator Gramm has had a
     forceful impact in many areas.  Of special
     significance to the SEC is his attention to
     financial services.  Senator Gramm is the
     principal author of legislation bearing his name
     that brought financial services regulation into
     the twenty-first century; it stands as one of many
     fitting monuments to his public service.
     
     As former Chairman of the Banking Committee, and
     now its Ranking Member, Senator Gramm is deeply
     committed to the financial health and safety of
     our economy.  He worries about, and responds to,
     the needs of those who both raise and invest
     capital in our markets.  The Commission and the
     public benefit from this thoughtful and modest
     man's dedication.
     
     On behalf of the Commission, I want to thank
     Senator Gramm for the superb legacy of his public
     service.  His unwavering integrity and dignity
     inspire us.  Personally, I am grateful for his
     support, insights and friendship.  I know I will
     continue to benefit from his wisdom and judgment.



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