WASHINGTON -- Securities and Exchange Commission chairman Arthur Levitt Jr. asked senators yesterday to pass stopgap legislation to assure full funding for his agency by the start of fiscal 1995.

"It's really essential that we get this done by Oct. 1 ," otherwise "we would have to begin to send notices out" to reduce staff, Levitt told members of the Senate Banking Committee at a hearing. "Even though it would be remedied" eventually, inaction now "would have a devastating impact on staff," he said.

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