Senate Panel Chooses Harvey Pitt to Head SEC

The members of the Senate Banking Committee voted unanimously to choose Harvey Pitt as chairman of the SEC. Mr. Pitt is President Bush's selection for the office.

The vote now goes to the Senate floor where it is expected that Mr. Pitt will easily win the votes. The date of the Senate vote has not yet been scheduled, but it is expected that the vote will occur prior to Congress's August recess.

If Mr. Pitt is confirmed by the Senate he can take over the reigns of the SEC from acting chairman Laura S. Unger almost immediately. Ms. Unger replaced Arthur Levitt when he left the agency in February.

"I think it is very important that we get people in these financial positions as quickly as possible, especially positions like Chairman of the Securities and Exchange Commission," said Senator Phil Gramm (R-TX).

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