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Business Groups Begin Quiet Campaign to Oust SEC’s Donaldson

Business Groups Begin Quiet Campaign to Oust SEC’s Donaldson

by Rick Turoczy on December 15, 2004

The Business Roundtable, the U.S. Chamber of Commerce, the National Association of Wholesaler-Distributors played a critical role in reelecting President Bush. Now the groups are part of a quiet effort to convince the President that it’s time for a new Securities and Exchange Commission chair, the Wall Street Journal reported.

Believing the post-Enron reforms have led to a strangled business environment, in part because of the greater authority given to the SEC by the Sarbanes-Oxley corporate reform legislation. The Journal reported that the groups believe the reform effort has gone to far and threatens to hamper the economy by discouraging corporate risk taking.

They seek an SEC chair who understands the challenges faced by executives and their boards. They claim the current chairman, William Donaldson, does not understand their concerns.

Since Donaldson is a close friend of the Bush family and was appointed chairman two years ago by President Bush, efforts to oust him are expected to be quiet, the Journal reported, predicting his possible departure early next year.

Business Groups Begin Quiet Campaign to Oust SEC’s Donaldson

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