On Wednesday, the Senate confirmed Harvey Pitt as the next chairman of the Securities and Exchange Commission, replacing previous chairman Arthur Levitt, who left the position in February, and acting chairman Laura S. Unger.
Mr. Pitt is a lawyer who served as general counsel to the SEC from 1975 to 1978. It is expected that the tone of the SEC while Mr. Pitt holds the reigns will be one of less government regulation. In addition, Mr. Pitt has indicated that he expects to review existing securities laws for obsolescence.
Mr. Pitt was nominated by President Bush. There are still two seats on the SEC waiting to be filled by the Bush administration.