SEC Chief Outlines Plan to Revamp Stock Market

The top U.S. securities regulator Wednesday outlined to Congress his ambitious agenda for reshaping the stock markets, but one lawmaker expressed disappointment at a lack of clear deadlines.

Amid a governance crisis at the New York Stock Exchange, Securities and Exchange Commission Chairman William H. Donaldson said his “market structure” review was a high priority and “pretty much at the end of fact gathering.”

Sen. Mike Enzi (R-Wyo.), who presided over the Senate securities and investment subcommittee hearing, said, “I’m a little disappointed that you didn’t set out more of a timetable.”

Donaldson, appointed SEC chief almost eight months ago, has said he wanted to overhaul market mechanics to accommodate new trading technologies and other issues.