Washington (Feb. 12, 2003) -- The Senate Banking Committee approved the confirmation of veteran investment banker and financier William Donaldson as the next chairman of the Securities and Exchange Commission.

The SBC’s thumbs-up on the 71-year-old co-founder of investment firm Donaldson Lufkin & Jenrette and former chairman of the New York Stock Exchange, vaults Donaldson’s nomination to a full Senate vote, which could come this week.

Last month, President Bush nominated Donaldson to succeed Harvey Pitt, who resigned in November, but remained on the job until a successor was confirmed.

Donaldson, told the SBC that he would "aggressively" enforce anti-fraud legislation, and stated that one his first jobs as SEC chair would be to appoint a chairman of the Public Company Accounting Oversight Board.

-- Electronic Accountant Newswire staff

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