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Bush Nominates Investment Banker William Donaldson to Head SEC
Aired December 10, 2002 - 13:10 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
KYRA PHILLIPS, CNN ANCHOR: The White House continues to rumble with replacements. Today, President Bush nominated investment banker William Donaldson to head the Securities and Exchange Commission, replacing Harvey Pitt.
Senior White House correspondent John King keeping an eye on all the changes.
Hi, John.
JOHN KING, CNN SR. WHITE HOUSE CORRESPONDENT: Hello to you, Kyra.
The chairman of the SEC, not a position most Americans probably think about, but a position in the spotlight this past year, because of all the controversy, the accounting scandals at Enron, at WorldCom, concerns from investor as to the reports they read as they decide which company they might want to invest in, whether those reports might be honest. So the position has taken on great prominence in recent months. There was controversy about the president's first choice, Harvey Pitt. He resigned amid all that controversy several weeks back.
President Bush turning to an elder statesman on Wall Street, William Donaldson. There's an investment banking firm that bears his name. He was for five years the chairman of the New York Stock Exchange.
The president today says he was his choice to lead the SEC.
(BEGIN VIDEO CLIP)
GEORGE W. BUSH, PRESIDENT OF THE UNITED STATES: Today, I announce my nominee to serve as the chairman of the SEC. Bill Donaldson will be a strong leader, with a clear mission: to vigorously enforce our nation's laws against corporate corruption and to uphold the highest standards of integrity in the securities markets.
(END VIDEO CLIP)
KING: Bill Donaldson not only well-known on Wall Street, he served as a deputy to Henry Kissinger at the State Department back Mr. Donaldson faces Senate confirmation. Mr. Bush said he hopes that will come as soon as possible when the new Congress returns in January. Because of those hearings, Mr. Donaldson said he needs to be careful about what he says in public, but he was quite clear in defining his mission. (BEGIN VIDEO CLIP)
WILLIAM DONALDSON, SEC CHAIRMAN NOMINEE: I believe it would be inappropriate for me to comment on what exactly I hope to accomplish as the chairman of the SEC. Let me just simply say that I am firmly committed to doing everything that I can do to restore the confidence of investors in the U.S. corporate and financial industry.
(END VIDEO CLIP)
KING: Again, Donaldson would replace Harvey Pitt as chairman of the SEC. Democrats said for months Harvey Pitt was the wrong choice, because he used to be a lawyer representing the accounting agency, Democrats said the wrong person to be in charge of that agency at a time of all the accounting scandals at Enron and other companies.
Mr. Bush stood by Harvey Pitt for months, but the White House finally lost patience and forced him to resign. This yet another makeover of the Bush economic team. The president, once again, urging the Senate to confirm Bill Donaldson as the new chairman of the SEC as soon as possible in the new year -- Kyra.
PHILLIPS: Live from the White House, John King, thanks.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
SEC>
Aired December 10, 2002 - 13:10 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
KYRA PHILLIPS, CNN ANCHOR: The White House continues to rumble with replacements. Today, President Bush nominated investment banker William Donaldson to head the Securities and Exchange Commission, replacing Harvey Pitt.
Senior White House correspondent John King keeping an eye on all the changes.
Hi, John.
JOHN KING, CNN SR. WHITE HOUSE CORRESPONDENT: Hello to you, Kyra.
The chairman of the SEC, not a position most Americans probably think about, but a position in the spotlight this past year, because of all the controversy, the accounting scandals at Enron, at WorldCom, concerns from investor as to the reports they read as they decide which company they might want to invest in, whether those reports might be honest. So the position has taken on great prominence in recent months. There was controversy about the president's first choice, Harvey Pitt. He resigned amid all that controversy several weeks back.
President Bush turning to an elder statesman on Wall Street, William Donaldson. There's an investment banking firm that bears his name. He was for five years the chairman of the New York Stock Exchange.
The president today says he was his choice to lead the SEC.
(BEGIN VIDEO CLIP)
GEORGE W. BUSH, PRESIDENT OF THE UNITED STATES: Today, I announce my nominee to serve as the chairman of the SEC. Bill Donaldson will be a strong leader, with a clear mission: to vigorously enforce our nation's laws against corporate corruption and to uphold the highest standards of integrity in the securities markets.
(END VIDEO CLIP)
KING: Bill Donaldson not only well-known on Wall Street, he served as a deputy to Henry Kissinger at the State Department back Mr. Donaldson faces Senate confirmation. Mr. Bush said he hopes that will come as soon as possible when the new Congress returns in January. Because of those hearings, Mr. Donaldson said he needs to be careful about what he says in public, but he was quite clear in defining his mission. (BEGIN VIDEO CLIP)
WILLIAM DONALDSON, SEC CHAIRMAN NOMINEE: I believe it would be inappropriate for me to comment on what exactly I hope to accomplish as the chairman of the SEC. Let me just simply say that I am firmly committed to doing everything that I can do to restore the confidence of investors in the U.S. corporate and financial industry.
(END VIDEO CLIP)
KING: Again, Donaldson would replace Harvey Pitt as chairman of the SEC. Democrats said for months Harvey Pitt was the wrong choice, because he used to be a lawyer representing the accounting agency, Democrats said the wrong person to be in charge of that agency at a time of all the accounting scandals at Enron and other companies.
Mr. Bush stood by Harvey Pitt for months, but the White House finally lost patience and forced him to resign. This yet another makeover of the Bush economic team. The president, once again, urging the Senate to confirm Bill Donaldson as the new chairman of the SEC as soon as possible in the new year -- Kyra.
PHILLIPS: Live from the White House, John King, thanks.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
SEC>
