Commission Statement on Passing of President George H.W. Bush
Chairman Jay Clayton
Commissioner Kara M. Stein
Commissioner Robert J. Jackson Jr.
Commissioner Hester M. Peirce
Commissioner Elad L. Roisman
Dec. 3, 2018
Our nation is mourning the passing of a great leader and statesman. President George Herbert Walker Bush embodied the spirit and promise of America. His unwavering commitment to our country and his deep belief in the power of each and every American to contribute to our society provide an example that should endure.
During his Presidency, and with the blessing and support of his administration, the Securities and Exchange Commission substantially expanded its use of personal computers and management information systems, devoted significant resources to international matters and focused enforcement efforts on the interests of our retail investors.
Richard Breeden, Chairman of the Securities and Exchange Commission during the George H.W. Bush administration, provided the following remarks:
“President Bush understood the importance of vibrant, fair and resilient capital markets to the future of America. He knew firsthand the essential role capital plays in allowing businesses to grow, hire workers, and bring innovative products or technologies to life. As an Ambassador to China and the United Nations, and Director of Central Intelligence, he understood that our position on the world stage flowed from both our values and from the strength of our free economy. He believed deeply in open competition and broad investor participation, as well as in the importance of basic decency and fair play. He abhorred overly broad, outdated or excessive regulations that provided benefits to no one. At the same time, he did not hesitate to support regulations necessary to fulfill important public interests, including, most importantly, protecting investors. He was a strong believer in the critical role of disclosure and honesty in markets, and in fighting fraud wherever it arose. He always supported our requests for the resources in technology and people that the SEC needed to protect our markets and our investors. From an SEC perspective, we could not have asked for a more supportive President.”
We thank the President for his exemplary service to our nation, including his support of the SEC’s mission.