Harvey Pitt today was formally nominated by President Bush as SEC chairman. The Washington securities lawyer was nominated for a term expiring June 5, 2005. He faces confirmation by the Senate Banking, Housing and Urban Affairs Committee, chaired by Sen. Paul S. Sarbanes, D-Md.
Also today, Richard H. Walker, director of the SEC’s enforcement division, announced he will rejoin the private sector. Mr. Walker has not yet accepted another job and intends to remain at the SEC until a new chairman comes on board. In his decade at the SEC, Mr. Walker launched investigations into financial fraud by corporations including W.R. Grace, Cendant, Sunbeam and Microstrategy.
