William H. Donaldson, President Bush's choice
to head the Securities and Exchange Commission, had this
to say during the confirmation hearings:
STEPHANIE WOODS, NIGHTLY BUSINESS REPORT CORRESPONDENT: As chairman of the SEC, William Donaldson's key job will be to restore investors' faith in the markets. Donaldson made clear he would take back the role of top cop on Wall Street from New York Attorney General Eliot Spitzer.
WILLIAM DONALDSON, CHAIRMAN NOMINEE, SEC: If you do confirm me, that I will be able to speak with state attorneys general and state regulators and talk this out with them and make sure that they're stopping where they should stop and give responsibility back to where it should.
That's great. No more meddling by people like Spitzer, which is precisely what the anti-reform Republicans tried to do legislatively in the summer of 2002 (but failed).