The eBearing News
November 19, 2002
Bush Nominates W.R. Timken Jr.
as SIPC Chairman
copyright © 2002 eBearing Inc.
President Bush, as expected, has nominated W.R. "Tim" Timken, Jr. for the post
of Chairman of the Securities Investor Protection Corporation (SIPC).
• article: Timken nominated to key government post
The non-profit SIPC was created by Congress in 1970; its charter is to oversee
and protect investor assets at failed brokerage houses and investment banks.
Funded by broker members, the SIPC has recovered $14 billion of investor
assets since it began.
A seven-member board controls the SIPC; five are drawn from within the
securities industry. The chair and co-chair are drawn from the general public
and must be appointed by the President.
Mr. Timken's nomination must still be approved by the U.S. Senate. The term of the
appointment is three years, but the current term began January 2001 and expires
the end of next year. Mr. Timken's appointment, then, would be for this final year
of the current term.
If confirmed, Mr. Timken becomes the second senior Timken Company executive to
go to Washington in the Bush administration.
In March 2001, Stephen Perry, VP of Human Resources, was appointed by
President Bush to head the General Services Administration.
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