Recalling Arthur Levitt: Colleague, Friend, Regulator

The year 2001 will not only be remembered as the year we turned over the millennial clock but also as the year the U.S. business community said farewell to a longtime colleague, friend, and regulator as SEC Chairman Arthur Levitt decided to step down after eight years of service.

Levitt maintained an aggressive—some would say activist—agenda throughout his tenure, and during the past year his pace, if anything, even accelerated. Some observers thought that he was pushing to finish the most important items on his agenda before stepping down. History will judge whether his term was a successful foundation or a failed experiment.

Levitt’s impact on the accounting profession was unprecedented for an SEC chair—his actions have been reported and analyzed many a time in these pages. This month, as part of our ongoing Millennium Series, we asked four individuals—a regulator, a standards setter, a comptroller, and an auditor—to share their personal thoughts on Levitt and the impact he has had on them personally, the country, or the accounting profession.

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