SEC’s New Chairman Already on the Job

Harvey Pitt, the new top cop of America’s securities markets, apparently couldn’t wait to start his new job.

Pitt, who was confirmed by the Senate on Aug. 1, was “informally” sworn in as chairman of the Securities and Exchange Commission on Friday, an SEC spokesman said.

The date for a more formal ceremony has not been set, spokesman John Heine said. The informal swearing-in was engineered so Pitt could start work at the agency as soon as possible, Heine said.

Before Pitt’s arrival, Laura Unger, a Republican who was acting chairwoman, and Democratic Commissioner Isaac Hunt were the only commissioners on the five-member SEC. Both had stayed past the end of their terms to await the appointment of successors.

Besides Pitt, President Bush can name four more commissioners and could choose to reappoint Unger and Hunt.

Pitt, formerly a partner with the Fried, Frank, Harris, Shriver & Jacobson law firm, replaces Democrat Arthur Levitt, who stepped down as SEC chairman in February.

Pitt’s legal clients included Merrill Lynch & Co. (MER), the biggest brokerage; the New York Stock Exchange, the largest stock market; and the Securities Industry Assn., the trade group for brokerages.