Glassman Becomes Active SEC Chairman as Donaldson Steps Down
Securities and Exchange Commissioner Cynthia Glassman has been named as acting SEC Chairman by President George W. Bush, as current chairman William Donaldson steps down.
The president nominated Republican California Representative Christopher Cox to replace Mr. Donaldson as SEC chairman, but the Senate has not approved that choice.
Cynthia Glassman’s term will only last for a year. Glassman who is also a Republican, has been an SEC Commissioner since January of 2002.
“I’m honored that the president has designated me to be acting chairman and I look forward to welcoming Chris Cox as our permanent chairman pending his confirmation,” Glassman said to Reuters. According to AP,
Glassman and fellow Republican Commissioner Paul Atkins often clashed with Donaldson over controversial initiatives, including a 2004 rule requiring mutual funds to have an independent chairman, which the agency reaffirmed at a contentious meeting Wednesday.
Glassman and Atkins objected to the fund rule initially, saying the SEC had no evidence that investors are better off in funds with independent chairmen. The U.S. Court of Appeals for the D.C. Circuit sent the rule back to the SEC last week, saying it had failed to adequately consider costs and alternatives such as disclosure, which Atkins and Glassman preferred.
Cynthia Glassman has a doctorate in economics from the University of Pennsylvania, not to mention a bachelor’s degree in economics from Wellesley College. She is 58 years old.
Previous to her role as SEC commissioner, Glassman was an economist, and served on the Federal Reserve Board, and worked at the Federal Reserve Bank of Philadelphia. She also worked at Ernst & Young.