April 10, 2003
Timken ready to be chairman of SIPC board
By PAUL M. KRAWZAK
Copley Washington correspondent
WASHINGTON — The Senate has confirmed W.R. “Tim” Timken Jr. as the new chairman of the board of the Securities Investor Protection Corp., an organization with the mission of preserving investors’ confidence in the financial markets.
“First of all, I’m honored that the president would select me and I’m honored that the Senate with all the investigation and things they do felt that I could do a good job,” Timken, who was vacationing in Florida, said Wednesday. “And I certainly will attempt to do the best I can.”
This will be the first time he has held a major appointment from a president. Timken has been chairman of the Timken Co., a major manufacturer of tapered bearings and specialty steel, for 28 years. He previously contributed to President Bush’s campaign.
Timken’s nomination sailed through the Senate this week in a procedure called unanimous consent. In what is considered a formality, Bush, who nominated him, has to sign off on the appointment to make it official. Timken expects that will be done in time for him to chair the next board meeting April 25.
As head of the seven-member board, Timken has said he will work to increase the visibility of the SIPC and better assess the risk of brokerage failure.
Since Congress created the SIPC in 1970, the organization has recovered $14 billion in investor assets that were in peril after the brokerages where they were managed went belly up.
Timken praised the SIPC staff for doing a great job and said he hoped to “be able to help them even more as we go forward.”
The Senate also confirmed Noe Hinojosa Jr. of Texas and Thomas W. Grant of New York to serve on the seven-member board, which now is full.
Confirmation of the three nominees had appeared likely after the Banking Committee voted unanimously to send their nominations to the Senate floor.