US president George W. Bush said Donaldson, former head of the New York Stock Exchange, would be a 'strong leader of the SEC and forceful advocate of the interests of investors'.

Donaldson said he would aggressively enforce corporate anti-fraud rules, but that his top priority at the moment was finding a chairman to head up the scandal-hit Public Company Accounting Oversight Board.

Ironically, it was the resignation of William Webster, Harvey Pitt's choice to run the PCAOB, which resulted in Pitt resigning from office, paving the way for Donaldson to step up to the plate.