To: SusieQ1065 who wrote (62120 ) 7/24/2002 7:21:31 PM From: SpinCity1 Respond to of 208838 c des pitt jest wented a race thit is whut des fuss is all bean abut. soo jest tell ur boss u wunt to elevate your compuny so he/shi/it shuld jest give u a race. SEC Says Pitt Wanted To Elevate Agency, Not His Own Pay WASHINGTON -(Dow Jones)- Securities and Exchange Commission Chairman Harvey Pitt came under fresh attack Wednesday for asking Congress for a raise, but a spokesman said Pitt was only looking to boost the profile and prestige of the SEC, not his own pay. Pitt's request was made as Congress was hammering out a compromise on legislation to tighten oversight of corporate accounting. SEC communications director Brian Gross said lawmakers asked the agency to provide a short "wish list" of items it would like to see included in the final bill. The SEC offered a half-dozen ideas, including a request to elevate the agency to cabinet level, which would raise Pitt's pay 21%, to $166,700, from $138,200. "At no time was pay discussed," however, Gross said. "It was not the motivating factor." Pitt's request - which wasn't approved - would have made the SEC a "level one" executive agency, putting it on par with the Federal Reserve, the Social Security Administration and the Office of Management and Budget. Pitt sought the change to elevate the SEC's profile and prestige, believing that might make it easier to recruit employees, his spokesman said. The SEC is currently a "level three" agency, a category that includes the Small Business Administration, the Federal Communications Commission, the Federal Trade Commission, the Federal Energy Regulatory Commission and the National Labor Relations Board. Moving to "level one" would catapult the SEC above "level two" agencies such as the Environmental Protection Agency and the Federal Highway Administration. Democrats attacked the request, which was reported Wednesday in the New York Times, and Senate Majority Leader Thomas Daschle, D-N.D., again called for Pitt to resign. Gross said the SEC discussed the "wish list" with House and Senate members last week and were asked to provide it in writing this week as negotiations intensified. Other items on the "wish list" would have allowed the SEC to expedite hiring of examiners and accountants and strengthened cooperation with criminal prosecutors. -By Judith Burns, Dow Jones Newswires, 202-862-6692; judith.burns@dowjones.com (This story was originally published by Dow Jones Newswires) Copyright (c) 2002 Dow Jones & Company, Inc. All Rights Reserved Click here for a free trial Source: EDGAR Online, Inc, © Copyright 2002. All rights reserved Today's Best Rates Select A ProductAuto loansCDs & SavingsChecking & ATMCredit cardsCredit unionsHome equityIRA CenterMoney marketsMortgagesOnline financePersonal loansSmall biz OR Select A StateAlabamaAlaskaArizonaArkansasCaliforniaColoradoConnecticutDelawareDistrict of ColumbiaFloridaGeorgiaHawaiiIdahoIllinoisIndianaIowaKansasKentuckyLouisianaMaineMarylandMassachusettsMichiganMinnesotaMississippiMissouriMontanaNebraskaNevadaNew HampshireNew JerseyNew MexicoNew YorkNorth CarolinaNorth DakotaOhioOklahomaOregonPennsylvaniaRhode IslandSouth CarolinaSouth DakotaTennesseeTexasUtahVermontVirginiaWashingtonWest VirginiaWisconsinWyoming