SEC chief-elect faces Senate grilling
Chairman of the Securities and Exchange Commission nominee, William Donaldson, faces a tough grilling into his past before he will be able to take over the reigns at the US financial watchdog.
While most commentators believe Donaldson will eventually be appointed Harvey Pitt’s successor, past activities will be brought up in front of a Senate banking committee in January.
According to the Financial Times, of specific interest to the committee will be Donaldson’s stance on listing standards for non-US companies.
But John Coffee, securities law expert at Columbia University, told the FT that Donaldson would prevail. ‘Donaldson is pretty much the opposite of Harvey Pitt,’ he said. ‘He is not combative, he is conciliatory. He doesn’t have strong opinions. If something is embarrassing the SEC, he’ll stop it.’