Nov 12 2002

STATEMENT OF SENATOR SHELBY REGARDING WILLIAM WEBSTER'S WITHDRAWAL FROM PUBLIC COMPANY ACCOUNTING OVERSIGHT BOARD

U. S. Sen. Richard C. Shelby (R-Ala.) today commented on William Webster's decision to withdraw from the Public Company Accounting Oversight Board:

"I respect Judge Webster's decision to step aside."

"I believe it is important that the new SEC Chairman have a role in selecting the new Chairman of the Oversight Board and that the process ensures a strong and credible Board that can achieve its mission."

"Also, while it is greatly important that a new SEC Chairman is selected, it is crucial that someone of the highest quality and integrity is chosen. It is a significant position that should be filled carefully and not with great haste."