FOR IMMEDIATE RELEASE                            2002-24
  
  
   PITT COMMENTS ON CORPORATE AND AUDITING ACCOUNTABILITY,
            RESPONSIBILITY, AND TRANSPARENCY ACT

     Washington, DC, February 13, 2002 -- Securities and
Exchange Commission Chairman Harvey L. Pitt issued the
following statement about introduction of the "Corporate and
Auditing Accountability, Responsibility, and Transparency
Act," announced today by House Financial Services Chairman
Michael G. Oxley and Capital Markets Subcommittee Chairman
Richard H. Baker:

     "The Commission welcomes the introduction of this
important legislative proposal.   This is a significant
first step in addressing a number of  major concerns raised
by the investing public in light of recent events.  It is
more important than ever that decisive action be taken to
restore investor confidence to the financial markets, and I
commend the leadership shown by Chairman Oxley and
Subcommittee Chairman Baker in introducing this legislation.

     "As we have testified before Chairman Baker's
Subcommittee, we are already engaged in developing a number
of proposed rules that are addressed by this legislation,
and we look forward to working with the Committee as these,
and other, regulatory reforms are developed in the coming
months.  While our financial disclosure system is the best
in the world, investors can be confident in the system as
Congress and the SEC continue to work to improve it."
     
     
     
     
                           #  #  #