SEC Chairman Donaldson Hails President's Signing of Legislation To Speed Hiring of Accountants, Economists, Compliance Examiners

FOR IMMEDIATE RELEASE
2003-80

Washington, D.C., July 3, 2003 -- The Securities and Exchange Commission today praised President Bush for enacting H.S. 658, The Accountant, Compliance, and Enforcement Staffing Act of 2003, which will greatly streamline the Commission's efforts to add more than 800 lawyers, accountants, economists and examiners to its staff.

The House of Representatives passed the bill on suspension June 17. The Senate approved the legislation by unanimous consent two days later.

"I am very pleased that President Bush has signed this important measure into law. For the first time, the Commission will be able to hire qualified accountants in a manner consistent with hiring procedures for attorneys. I believe this expedited hiring authority will enable the Commission to better police and address the types of accounting abuses we've seen over the past few years, and will help us to continue our efforts aimed at increasing investor protection and restoring confidence in our markets," SEC Chairman William H. Donaldson said.

The new law will allow the SEC to hire accountants, economists and securities compliance examiners under the excepted service authority, rather than under the federal competitive service process. Under excepted service authority, the hiring process can be completed in a few weeks' time as opposed to the months-long time frame often necessary under competitive service requirements. The SEC and other government agencies hire attorneys under excepted service.