April 4, 2003
Senate committee vote backs Timken
By PAUL M. KRAWZAK
Copley Washington correspondent
WASHINGTON — Timken Co. Chairman W.R. “Tim” Timken Jr. appears on his way to receiving full Senate approval for his nomination to head the Securities Investor Protection Corp.
The Senate Banking Committee voted unanimously to send the nominations of Timken and two other men proposed for the SIPC board of directors to the Senate for its consideration.
President Bush nominated Timken to be chairman of the board of the SIPC, an organization Congress created to preserve investor confidence. The nomination requires Senate approval.
A supporter of Bush, Timken has been chairman of the Canton-based maker of tapered bearings and specialty steel for the past 28 years. The publicly held company bears his family name.
Andrew Gray, a spokesman for the Banking Committee, said the unanimous vote suggests the Senate will approve the nomination “assuming no objections arise.”
Although there is a good chance the Senate would vote on the nominations next week, it’s also possible a vote would be delayed until after the spring recess.
In a single voice vote, the committee also approved the nominations of Thomas W. Grant of New York and Noe Hinojosa Jr. of Texas to the SIPC board.
The 11 senators voting for Timken included the chairman of the committee, Sen. Richard Shelby, R-Ala. Others who voted for him were Sens. Robert Bennett of Utah, Wayne Allard of California, Chuck Hagel of Nebraska, Jim Bunning of Kentucky, Michael Enzi of Wyoming, John Sununu of New Hampshire and Lincoln Chaffee of Rhode Island, all Republicans, and Democratic Sens. Zel Miller of Georgia, Jack Reed of Rhode Island and Tim Johnson of South Dakota.
“The ... nominees have been favorably reported,” Shelby announced after the quick vote, which was taken as soon as enough senators had filtered into the hearing to achieve a quorum. Timken was not present for the vote. A spokeswoman for The Timken Co. said she would not be able to comment on the vote until the company received confirmation of it.
During a hearing before the committee last week, Timken said the SIPC should make more of an effort to educate the public about its role. The organization recovers securities lost by investors when the brokerages that manage their assets go out of business. Since its creation in 1970, the SIPC has recovered $14 billion for investors.