Bush Shouldn’t Rush SEC Pick, Senator Says
President Bush should take his time selecting a Securities and Exchange Commission chairman who is respected and “feared a little,” incoming Senate Banking Committee Chairman Richard C. Shelby said Thursday.
The Alabama Republican, who in January will take over the committee that oversees the SEC and must confirm the next chairman, said the agency needs a leader who is “not viewed as an industry insider,” a criticism many leveled at outgoing chief Harvey L. Pitt. Shelby said he will not suggest any names.
“I believe that while it is important to select a new chairman, it is just as important to find the right person for the job and not allow haste to drive the process,” Shelby said, speaking at a conference sponsored by the Consumer Federation of America.
Shelby’s speech was his first public address on financial issues since last month’s elections put him in line to become Banking Committee chairman.
Get the L.A. Times Politics newsletter
Deeply reported insights into legislation, politics and policy from Sacramento, Washington and beyond. In your inbox three times per week.
You may occasionally receive promotional content from the Los Angeles Times.
