Sen. Terry Sanford (D-N.C.) has put a...

Sen. Terry Sanford (D-N.C.) has put a hold on the nomination of David S. Ruder to be chairman of the Securities and Exchange Commission, blocking Senate confirmation of the nominee. Sanford, one of three members of the Senate Banking Committee to vote against Ruder when he was approved July 28, does not think Ruder showed enough concern about the effects of mergers and corporate takeovers on the economy. Sanford is worried about a possible takeover of Burlington Industries in his state. Under Senate procedures, one senator can block action on a nomination. There is no time limit on a hold, but it cannot continue indefinitely.