Bush Lauds New SEC Chief

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Last updated at: (Beijing Time) Wednesday, December 11, 2002

Bush Lauds New SEC Chief

US President George W. Bush on Tuesday spoke highly of William H. Donaldson, new chief of the Securities and Exchange Commission (SEC).

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Bush Lauds New SEC Chief

US President George W. Bush on Tuesday spoke highly of William H. Donaldson, new chief of the Securities and Exchange Commission (SEC).

At a White House session Tuesday to announce his nomination of Donaldson, Bush praised his choice as a strong leader with a clearmission, after Harvey Pitt stepped down under pressure amid a waveof corporate scandals.

Bush said Donaldson will vigorously enforce the nation's laws against corporate corruption.

After Bush's introduction, Donaldson said: "Confidence in the U.S. corporate and financial industries has been seriously eroded during the past few years."

"Restoring the confidence of investors in the integrity of the markets is the responsibility of all of us," he noted.

Donaldson, who helped found the investment banking firm Donaldson, Lufkin & Jenrette in 1959, is expected to bring a long record of experience into Wall Street. He also served as chairman of the New York Stock Exchange from 1990 to 1995.

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