SEC to name candidate to head audit watchdog

Link: US audit watchdog bares its teeth

The SEC is holding a press conference this afternoon in New York to name its candidate, but has declined to comment on rumours that retiring president of the New York Federal Reserve, William McDonough, will take charge.

McDonough announced in January that he would be stepping down from the New York Fed in the summer.

Previous chairman, William Webster, lasted just a few weeks in the role. But he was forced to step down after it was discovered that he was head of the audit committee of US Technologies, a company whose financial dealings were under federal investigation.

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