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Bush taps investment banker to head SEC
- Congress Daily
- December 10, 2002
- Comments
President Bush Tuesday chose investment banker William Donaldson to head the Securities and Exchange Commission, replacing Harvey Pitt, who resigned under pressure amid a spate of corporate scandals.
Bush announced his choice at a White House appearance, adding he also planned to seek an increase in fiscal 2004 SEC funding that would double the amount spent in fiscal 2002 in order to give the agency the "resources they need."
White House officials confirmed this would mean that Bush will propose nearly $876 million for the agency. Donaldson, appearing with Bush, vowed action against instances of "serious malfeasance" by U.S. firms.
Donaldson, cofounder of the investment banking firm Donaldson, Lufkin & Jenrette, was named chairman and CEO of the New York Stock Exchange and served from 1991-95. Prior to that job, Donaldson was CEO of a private investment company, Donaldson Enterprises, which he founded in 1981.
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