FOR IMMEDIATE RELEASE:

CONTACT:
Wednesday, February 12, 2003

Jesse Jacobs - 202-224-4524


SARBANES ADDRESSES AARP
BOARD OF DIRECTORS

EXTENDS DEEPEST THANKS FOR THEIR
EFFORTS WITH CORPORATE RESPONSIBILITY LEGISLATION

TALKS OF CHALLENGES AHEAD

Saying that "during the past 18 months we have been on the frontlines together in many important battles," Senator Paul S. Sarbanes (D-MD) appeared today before AARP's national Board of Directors to extend his deepest thanks for their efforts in helping to pass the historic corporate reform and investor protection legislation that was enacted into law last year. Sarbanes also acknowledged AARP's work with him on the Senate Banking, Housing, and Urban Affairs Committee on anti-predatory lending legislation and on the issue of financial literacy.

With the passage of the corporate responsibility legislation and implementation of the law currently underway, Sarbanes talked of the need to remain vigilant in working to restore investor confidence in our markets and the challenges ahead as it relates to these issues:

  • Putting into place new Securities and Exchange Commission leadership. Sarbanes noted that the Senate Banking Committee had approved the nomination of William Donaldson to be the new Chairman of the SEC following the resignation last year of Harvey Pitt under a cloud of controversy;
  • Naming a new Chairman of the Public Company Accounting Oversight Board - the Board is considered to be the key component of the accounting reform legislation;
  • Providing adequate funding for the Securities and Exchange Commission;
  • Continuing to work to see that the reforms are fully implemented; and
  • Dealing with the continuing ripple effects of the market collapse.
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    Sarbanes again asked and encouraged the Board Members of AARP to be working partners with him in these endeavors.

    Sarbanes also noted that he expects to join forces again on many of the issues that are on the national agenda, including "as I see looming on the horizon, upcoming fights on Social Security and Medicare."

    "There is a strategy underway which I think will undercut the fundamental strength of Social Security and Medicare and, as a strong advocate of those programs, I am very much concerned about that."

    AARP is a "nonprofit membership organization dedicated to addressing the needs and interests of persons 50 and older. Through information and education, advocacy and service, AARP seeks to enhance the quality of life for all by promoting independence, dignity, and purpose." In the State of Maryland, AARP has more than 770,000 members.

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