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7345746
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President intends to nominate F. Barton Harvey, Jr. and J. W. Van Gorkom to be Directors of the Securities Investor Protection Corporation [Position Appointments and Resignations]
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7345746
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document
title
President intends to nominate F. Barton Harvey, Jr. and J. W. Van Gorkom to be Directors of the Securities Investor Protection Corporation [Position Appointments and Resignations]
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White House Press Releases (Ford Administration)
Press Releases
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7345746
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20
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1976-09-20
month
9
year
1976
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nara-archive
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b9f144561c98a896
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Digitized from Box 31 of the White House Press Releases at the Gerald R. Ford Presidential Library
Septemb
20, 1976
Office of the White House Press Secretary
NOTICE TO THE PRESS
The President today announced his intention to nominate two persons to be
Directors of the Securities Investor Protection Corporation. They are:
F. Barton Harvey, Jr., of Baltimore, Maryland, Managing Partner,
Alex Brown and Sons. He will succeed Henry W. Meers, whose term
has expired. This is for a term expiring December 31, 1977.
J. W. Van Gorkom, of Lake Forest, Illinois, President, Trans Union
Corporation, Chicago, Illinois. This is a reappointment for a term
expiring December 31, 1978.
The President today also announced his intention to redesignate Mr. Van
Gorkom as Vice Chairman upon his confirmation by the Senate.
The purpose of the SIPC is to administer an insurance fund for limited in-
vestor protection against financial failures of brokerage firms. The Board
serves as the governing body of the Corporation. The Corporation was
created by P.L. 91-598 of December 30, 1970.
The Board of Directors consists of seven members as follows: 1 Director ap-
pointed by the Secretary of the Treasury from among the officers and employees
of the Department; 1 Director appointed by the Federal Reserve Board from
among the officers and employees of the Board; and 5 Directors appointed by
the President with the advice and consent of the Senate. The President desig-
nates the Chairman and the Vice Chairman.
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