WASHINGTON — The Senate has confirmed securities lawyer Harvey Pitt as chairman of the Securities and Exchange Commission.
The approval, which was expected, came Wednesday on a voice vote.
At his confirmation hearing last month before the Senate Banking Committee, Pitt said securities laws must be reviewed because many are obsolete and impose an unfair burden on Wall Street and other market participants.
At the same time, Pitt promised to vigilantly enforce rules protecting investors. Pitt, 56, was the SEC's general counsel from 1975 to 1978 before going into private law practice.
His clients have included insider trader Ivan Boesky, major brokerage houses, the New York Stock Exchange, Big Five accounting firms and corporate executives.
"He brings unprecedented expertise to the office of chairman, and I'm certain he will share my desire to promote competition, efficiency and capital formation, and to bring the benefits of technology to investors," said Rep. Michael Oxley, R-Ohio, chairman of the House Financial Services Committee. "We need to work together to modify the securities laws and to reform the agency."
The group representing state securities regulators said they look forward to working with Pitt "to protect investors and maintain the integrity of our securities markets."
The Senate approved Pitt's nomination to a six-year term as an SEC commissioner, replacing Clinton appointee Paul Carey, a Democrat, who died in June. Since President Bush has said he would designate Pitt as chairman if he is confirmed as a commissioner, the Senate's action effectively approved Pitt as SEC head.
Laura Unger, the sole Republican commissioner, has been acting head of the SEC since Arthur Levitt — the chairman through much of the Clinton administration — left in February.
Pitt's appointment will still leave the SEC two commissioners shy of its full complement of five.