Statement on the Nomination of David S. Ruder To Be a Member of the Securities and Exchange Commission, and Designation as Chairman

June 17, 1987

I am delighted today to announce my intention to nominate Professor David S. Ruder to be a member of the Securities and Exchange Commission and to designate him as its Chairman.

Professor Ruder's expertise in the areas of securities antifraud provisions, insider trading, tender-offer regulation, and SEC enforcement ensures that the Commission will have the guidance of a steady hand. No one is better equipped to continue the fine work of Chairman John Shad in the area of insider trading enforcement. The Commission's vigilant efforts to enforce the antifraud laws have enhanced investor confidence in the Nation's securities trading markets, and under the leadership of David Ruder, we can expect the Commission will continue with that essential role.

One of the Nation's foremost experts on securities regulation and corporation finance, Professor Ruder has taught, written, and lectured on these subjects for more than 25 years. His knowledge and experience will be an enormous asset to the SEC. As dean of the Northwestern University School of Law until 1985, Professor Ruder designed and organized the Corporate Counsel Center to examine issues in corporate law and provide continuing professional education to corporate counsel. His scholarship is impressive, including more than 40 articles and 150 continuing legal education programs on corporate and securities matters that have provided practical guidance to all those involved in corporate finance. He has worked in private practice on securities matters with the Chicago firm of Schiff, Hardin & Waite and the Milwaukee firm of Quarles & Brady; served on the legal advisory committee to the board of directors of the New York Stock Exchange; and served as consultant to the American Law Institute's Federal securities code project, responsible for proposing new civil liability provisions of the Federal securities laws. Most recently, Professor Ruder's teaching has focused on securities regulation, takeovers, and insider trading.

America's securities markets -- the largest, most liquid, and efficient in the world -- have provided the investment capital that has helped fuel the creation of 13 million jobs since 1982. The work of the Securities and Exchange Commission is of enormous significance to the promotion of investor confidence in this market and to the smooth running of this vital engine of free enterprise. I know that David Ruder, who has devoted his professional life to improving the operation of our securities markets and to the education of those who rely upon them, will enhance the deserved reputation and tradition of the SEC as one of our finest Federal regulatory agencies. Teacher, author, lecturer, lawyer, dean -- Professor Ruder's career has well prepared him for his new task.