President George W. Bush today nominated longtime Wall Street executive Mr William Donaldson to chair the US Securities and Exchange Commission, replacing Mr Harvey Pitt, who resigned last month.
The announcement ends weeks of speculation over replacing Mr Pitt, who resigned on November 5th after just 15 months and a series of gaffes in the job.
Mr Donaldson, who now heads his own firm based in New York, co-founded the investment banking firm Donaldson Lufkin & Jenrette in 1959. He was the firm's chairman and chief executive.
He was also chairman and CEO of the New York Stock Exchange from 1990 to 1995 and was chairman of the insurance giant Aetna Inc.