Levitt To Step Down As Chairman Of SEC Hailed As Champion Of Small Investor, He Fought For Disclosure.(B)(Making Money In Mutuals)

Byline: Ken Hoover

Investor's Business Daily

Arthur Levitt, the longest-serving chairman ever at the Securities and ExchangeCommission, said Wednesday he is resigning, ending a 7 1/2-year tenure in which he forced sweeping reforms in the securities industry.

The move was expected. New presidents name their own SEC chairmen. And Levitt, 69, signaled his intention to step down months ago regardless of who won the election.

He will resign in mid-February. His repl

acement will be named by President-elect Bush and must be confirmed by the Senate. Among names mentioned as possible successors are Carter Beese, an SEC member under Bush's father, and James Doty, a former SEC general counsel. …