SEC chief-to-be faces Senate grilling
William Donaldson, president Bush's choice to replace Harvey Pitt as the new chairman of the Securities & Exchange Commission, faces tough questions before his appointment can be confirmed.
Tomorrow, the US Senate will grill Donaldson over his work at health insurer Aetna, which he ran from 2000 to 2001, and are likely to ask questions about the pay package he received and corporate governance measures he enforced.
Members of the Senate Banking Committee will also want to know more about a trading scandal, which happened while he was chairman of the New York Stock Exchange, and his opposition to some SEC rules.
According to the FT Donaldson is in favour of more relaxed listings requirements for non-US companies, something which goes against the grain of the tough measures introduced in the Sarbanes-Oxley Act, created by Harvey Pitt.