Senate OKs Donaldson as Chairman of SEC

William Donaldson won Senate confirmation to be chairman of the Securities and Exchange Commission, with instructions from senators to improve efficiency and morale at the agency while restoring confidence in U.S. financial markets.

Donaldson, 71, succeeds Harvey L. Pitt, who resigned after criticism that he was too close to the accounting industry and mishandled the process of choosing the head a new accounting review panel. Pitt has stayed on the job until Donaldson could be confirmed.