WASHINGTON, Dec. 20 (UPI) -- Experts were speculating Monday whether President Bush would replace Securities and Exchange Commission Chairman William Donaldson.
Donaldson, a former Wall Street executive and longtime friend of the Bush family, has said he would like to remain the SEC chair, the Wall Street Journal reported Monday. However, the business lobby sees Donaldson as overzealous and a tougher regulator than expected. Lobbyists have made it clear they want Donaldson gone.
The difference of opinion causes a dilemma for the administration, the Wall Street Journal said. If Bush replaces Donaldson, he will face criticism for giving in to business pressure. However, if he keeps Donaldson on, the business lobby might feel that its complaints are being ignored.
"I would be very surprised if anyone in the White House watching what the SEC has been doing over the last year would think that the steps they've taken, the actions they've taken, are consistent with George W. Bush's policies," said Peter Wallison, a former White House counsel in the Reagan administration who is now a scholar at the American Enterprise Institute. "The White House cannot be happy with what's going on there."
