Arthur Levitt Biography Quotes 17 Report mistakes

Early Life and Family
Arthur Levitt Jr. was born in 1931 in New York City and grew up in a household where public service and stewardship of public money were discussed at the dinner table. His father, Arthur Levitt Sr., served as New York State Comptroller for more than two decades, shaping the son's sense that finance is inseparable from the public interest. The example of a respected statewide official embedded in Levitt an ethic of accountability that he carried into every subsequent role.

Education and Early Formation
Levitt graduated from Williams College, a liberal arts environment that sharpened his writing, analytical skills, and interest in civic life. After college, he served in the United States Air Force, an experience that reinforced discipline and a mission-first mindset. Those formative years left him with a practical appreciation for clear communication, chain-of-command decision making, and the obligations that accompany authority.

Path into Markets and Regulation
Drawn to the intersection of markets and the public good, Levitt pursued a career that moved from private enterprise into regulatory leadership. He became a prominent voice in municipal finance during the 1970s and served as the inaugural chairman of the Municipal Securities Rulemaking Board, helping establish basic ground rules for a part of the capital markets that funds schools, roads, and essential local services. That experience deepened his conviction that transparency is not a luxury but a necessity for citizens and investors alike.

American Stock Exchange Leadership
In 1978 Levitt became chairman of the American Stock Exchange, a post he held for more than a decade. At the Amex he navigated intense competition with the New York Stock Exchange, led by figures such as Richard Grasso, and with the fast-evolving Nasdaq market, led during different periods by executives including Frank Zarb. Levitt worked to modernize Amex trading, nurture listings of innovative companies, and improve market surveillance. The role showcased his ability to balance the needs of issuers, traders, and the investing public, while maintaining a steady dialogue with other market centers and self-regulatory organizations.

Chairman of the U.S. Securities and Exchange Commission
President Bill Clinton appointed Levitt chairman of the SEC in 1993. He succeeded Richard C. Breeden and became the agency's longest-serving chair, holding the post until 2001 before being succeeded by Harvey Pitt. Levitt made investor protection and market integrity the organizing principles of his tenure, often traveling the country for investor town halls to hear from small investors directly.

His agenda advanced in several landmark initiatives. He promoted the use of plain English in prospectuses and shareholder materials, culminating in guidance that encouraged companies and lawyers to shed jargon so ordinary investors could understand the risks they were assuming. He approved and defended rules that increased transparency in equity markets, including order handling reforms that brought displayed customer limit orders to the fore and Regulation ATS, which put electronic trading venues under a coherent regulatory framework. He pushed for decimal pricing to replace fractions, a change that simplified quotes and reduced spreads for investors.

Levitt also drove reforms in corporate disclosure and governance. In his widely cited 1998 speech, "The Numbers Game", he criticized earnings management practices and called out the unhealthy equilibrium among corporate managers, auditors, and analysts. The SEC under his leadership advanced tougher auditor independence standards and bolstered the role of independent audit committees, working alongside leaders at the stock exchanges and drawing on the recommendations of governance experts. These moves brought him into conflict with influential figures in the auditing profession, including American Institute of CPAs leadership such as Barry Melancon, and with some members of Congress, yet Levitt persisted in framing the debate around long-term investor confidence.

In municipal finance, Levitt was a forceful opponent of pay-to-play practices. The SEC's endorsement of MSRB Rule G-37 during his tenure curtailed political-contribution-driven underwriting, helping separate public finance decisions from campaign fundraising. He also presided over Regulation FD, adopted in 2000, which aimed to end selective disclosure by requiring that material information be shared with all investors at the same time.

Levitt's years at the SEC coincided with pivotal market events and policy debates. During the 1998 Long-Term Capital Management crisis and the broader market stresses of that period, he was part of a cohort of policymakers that included Federal Reserve Chair Alan Greenspan and Treasury Secretaries Robert Rubin and later Lawrence Summers. Levitt consistently articulated the SEC's role as protecting investors while coordinating with other authorities to preserve fair and orderly markets.

Author, Advisor, and Public Voice
After leaving the SEC in 2001, Levitt remained a prominent public voice on market structure, governance, and investor rights. He wrote "Take On the Street", coauthored with journalist Paula Dwyer, offering individual investors practical advice and an insider's account of how the financial system operates and how to navigate it. He hosted a business and policy program on Bloomberg Radio, extending his long-standing effort to translate complex financial topics into plain language. In the private sector he served as a senior adviser to investment and consulting firms, including The Carlyle Group, and joined corporate boards, notably at American International Group (AIG), where his experience in regulation and governance was particularly valued. He also maintained advisory ties with media and data companies and continued to support investor education initiatives.

Engagement with Market Leaders and Policymakers
Throughout his career Levitt worked alongside a roster of consequential figures. As SEC chair he served with and debated fellow commissioners and collaborated closely with market regulators and exchange executives such as Richard Grasso and Frank Zarb. He interacted frequently with policymakers including Bill Clinton, Alan Greenspan, Robert Rubin, and Lawrence Summers, and he engaged with future regulatory leaders like Mary Schapiro, whose own career spanned both the SEC and self-regulatory organizations. His public clashes with leaders of the accounting profession underscored his willingness to accept political cost in service of what he saw as the long-term interests of investors.

Legacy and Impact
Arthur Levitt Jr.'s legacy rests on a simple proposition: markets work best when investors can understand them and trust them. By insisting on plain English disclosures, encouraging competition and transparency in trading, strengthening the independence of audit oversight, and curbing selective disclosure and pay-to-play practices, he shifted the center of gravity in U.S. capital markets toward the individual investor. His record as the SEC's longest-serving chair, combined with earlier leadership at the American Stock Exchange and foundational work in municipal securities regulation, left an architecture of rules and norms that continues to influence how companies raise money, how intermediaries compete, and how investors receive information. Through writing, broadcasting, and ongoing advisory roles, he extended that influence well beyond his years in office, remaining a persistent advocate for fairness, clarity, and accountability in American finance.

Our collection contains 17 quotes who is written by Arthur, under the main topics: Ethics & Morality - Investment - Customer Service - Business - Team Building.