SEC WWW - EDGAR OnLine Announced
>Date: 27 Aug 95 13:15:25 EDT
>From: BartellM <email@example.com>
>To: IMS <firstname.lastname@example.org>
>Cc: Mike Bartell <email@example.com>
>Subject: SEC WWW - EDGAR OnLine Announced
>The following is the Press Release Chairman Levitt is issuing today concerning
>EDGAR on the Internet. We'll be establishing a WWW site and offering EDGAR
>data. We'll be working together quite a bit in the next several weeks I'm
>If you could put this press release up on your site the Commission would
>appreciate it. We'll be publishing technical details int he coming weeks.
>Please give me a call when you recieve this so I know you got it OK. My home
>number is  323-8898. My email addresses are:
>Thanks. Mike Bartell
>FOR IMMEDIATE RELEASE:
> S.E.C. CHAIRMAN ARTHUR LEVITT DETAILS
> AGENCY PLANS TO MAKE DATABASE WIDELY AVAILABLE
> Washington, D.C., August 27, 1995 -- In a speech today in
>Nashville, Tennessee, before the 45th Annual Investors Congress of
>the National Association of Investors Corporation, SEC Chairman
>Arthur Levitt announced the agency's plans to make its electronic
>database of corporate information widely available to the public
>through the Internet.
> "This fall, the SEC will use the Internet to make available to
>all American investors, large or small, its public database of
>corporate information within 24 hours of when it's filed with us,"
>said Chairman Levitt. The database is known as EDGAR, which stands
>for Electronic Data Gathering, Analysis, and Retrieval.
> "It is a major Commission priority to use electronic
>communications to bring clearer, faster, more complete disclosure
>to investors as well as to reduce costs for issuers. This
>represents a logical step in our efforts to better inform
> "One of the main reasons the SEC was created was to act as a
>library for corporate information and make it available to
>investors. We receive about 12 million documents a year. We've
>been thinking about how to make EDGAR better for years," continued
>Mr. Levitt. "At the same time, the National Science Foundation
>sponsored a pilot project that put EDGAR out on the Internet and
>proved it could be done. That experiment ends on October 1st.
>We've had many creative offers from the private sector to keep
>EDGAR on the Internet after that date, but all of them would in
>some way limit the amount of information available, or else attach
>too many commercial strings.
> "Taxpayers and shareholders have already paid to compile this
>information -- they should not have to pay again. And a library
>that charges people by the page, or by the minute, is no longer a
> "Technology is so advanced that the cost to the Commission is
>quite modest. With a personal computer and a modem, you'll be able
>to have the entire SEC Public Reference Room in your own living
>room. You'll be able to research information and download
>documents. Nothing could be better for investors -- and nothing
>could be better for the market, which thrives on accurate
>information. The service will be free."
> In close cooperation with Congress, particularly Congressmen
>Jack Fields (R-TX), Chairman of the Subcommittee on
>Telecommunications and Finance, Dan Frisa (R-NY) who has worked
>closely with us on this project in recent weeks, John Dingell (D-
>MI) and Ed Markey (D-MA), the Commission has been undergoing a
>thorough review of its use of technology to better communicate with
>investors and to simplify requirements and cut costs for corporate
>filers. This review included an SEC technology conference held on
>August 14 in Washington, D.C. to solicit public input on how to
>improve the EDGAR system. This initiative is the first of a series
>of EDGAR improvements envisioned by Chairman Arthur Levitt and
>Commissioner Steve Wallman.
> # # #