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News < Back Sarbanes Oxley : SEC Cynthia A. Glassman Intends To Leave The Securities and Exchange Commission
Ms. Glassman did not set a specific date for her departure. Ms. Glassman?s current term ends on June 5, 2006, but Commissioners typically remain on the Commission for up to 18 months beyond a term?s completion if they are not replaced. ?My term as SEC Commissioner has been the most exciting and fulfilling position of my career,? Ms. Glassman said. ?It has been a privilege to work with Chairman Cox, and his predecessors, Harvey Pitt and Bill Donaldson, as well as my fellow Commissioners. I am grateful to President Bush for the opportunity to serve investors in this role.? ?Commissioner Glassman has been a stalwart proponent of investor protection, investor education, and clear disclosure," said SEC Chairman Christopher Cox. "Her perspective as an economist has been invaluable to me, ensuring that the agency's decisions are always based on a thorough examination of the economic consequences to investors and markets. She is a woman of impeccable character whose exceptional experience and careful judgment has always led her to fair, objective, and principled results. I very much look forward to continuing to work with Commissioner Glassman during the remainder of her tenure, until a successor is confirmed." Among her specific accomplishments as Commissioner, it was Ms. Glassman?s initiative that led to the establishment of an $85 million investor education fund from the 2003 global settlement of research analyst conflict of interest charges involving the nation?s largest investment banks. She has been a consistent proponent of strong enforcement actions against wrongdoers. Ms. Glassman has also consistently advocated the use of better cost-benefit analysis in SEC decisions to promote more effectively investor protection and improved disclosure to help investors make informed decisions. She has also worked to ensure that the Commission?s rulemaking objectives are clear and transparent and that the Commission?s rules are appropriately tailored to achieve the desired result. Prior to being appointed Commissioner, Ms. Glassman spent over 30 years in the public and private sectors focusing on financial services regulatory and public policy issues. She served 12 years at the Federal Reserve and spent 15 years in consulting positions in the private sector. Ms. Glassman taught economics at the University of Cambridge, England, where she remains Senior Member of Lucy Cavendish College. She has served on the Boards of the Federal Reserve Board Credit Union, the National Economists Club, Women in Housing and Finance, the Commission on Savings and Investment in America, and Hopkins House ? a Center for Children and their Families, and was a member of the Executive Advisory Committee for the Bank Administration Institute?s Certified Risk Professional Certification Program. Ms. Glassman received her M.A. and Ph.D. in Economics from the University of Pennsylvania and her B.A. in Economics from Wellesley College. The following is the transcript of Ms. Glassman's resignation letter to President George W. Bush UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON. D.C 20549 OFFICE OF THE COMMISSIONER May 15, 2006 President George W. Bush The White House 1600 Pennsylvania Avenue, N.W. Washington, DC 20500 Dear President Bush, It has been an honor and a privilege to serve you and our country as a Commissioner of the Securities and Exchange Commission for over four years. With my term ending in June 2006, I have decided that it will soon be time for me to move on. I plan to resign after the end of my term. However, as I have told Chairman Cox and the White House Office of Personnel, I have set no date for my departure and will work to ensure a smooth transition to my successor. My term as SEC Commissioner has been the most exciting and fulfilling position of my 35-year career. Thank you for the opportunity to serve the investing public. I wish you the best of luck in the remainder of your Presidency. Sincerely, Cynthia A. Glassman Commissioner U.S. Securities and Exchange Commission 
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