Arthur Levitt Speaks Softly And Carries A Little Stick

When President Clinton unexpectedly vetoed a securities-litigation reform bill on Dec. 19, it marked a setback for Securities & Exchange Commission Chairman Arthur Levitt Jr. The SEC chief had toiled for months to forge a compromise that satisfied Republicans' desire to curb nuisance suits and the Administration's insistence on protection for small investors. Congress overrode the veto, but the debacle dealt a blow to Levitt's dream of becoming a consensus-builder able to bridge the gulf on Capitol Hill.

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