October 24, 2000

The Honorable Alan Greenspan
Chairman
Board of Governors of the
Federal Reserve System
20th and Constitution Avenue, N.W.
Washington, D.C. 20551

Dear Chairman Greenspan:

I am writing to thank you and commend you for the speech you delivered last week at the Financial Markets Conference sponsored by the Federal Reserve Bank of Atlanta. Your remarks about stock market automation and capacity were particularly timely.

In that regard, I am transmitting a copy of my April 11, 2000, letter asking the U.S. General Accounting Office (GAO) to audit the system capacities of the major market systems and the SEC’s oversight of market automation, including strategic technology planning (enclosure). Due to staffing constraints and the press of other assignments, GAO has only recently been able to focus attention on this matter and met with Democratic staff last Friday to begin the first phase of this project. GAO expects to report back to us on the design and timing of its audit work by late January/early February 2001. I appreciate your attention to this matter and assure you of my commitment to vigorous oversight to make sure that the efficiency and integrity of this Nation’s market structures are maintained.

Sincerely,

JOHN D. DINGELL
RANKING MEMBER

Enclosure

cc: The Honorable Tom Bliley, Chairman
Committee on Commerce

The Honorable Michael G. Oxley, Chairman
Subcommittee on Finance and Hazardous Materials

The Honorable Edolphus Towns, Ranking Member
Subcommittee on Finance and Hazardous Materials

The Honorable Arthur Levitt, Jr., Chairman
Securities and Exchange Commission