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Sarbanes-Oxley News & Developments
SEC chooses NY Fed chief to head accounting oversight boardThe SEC has chosen William J. McDonough, President and Chief Executive of the Federal Reserve Bank of New York, to head the new agency created by Congress to oversee the accounting industry.
> > Washington (AP)-The SEC on Tuesday, April 15,2003, announced it has chosen William J.McDonough, president and chief executive of the Federal Reserve Bank of New York, to head the new agency created by Congress to oversee the accounting industry.
The five SEC commissioners voted unanimously to select McDough, who already had planned to leave the Fed, as chariman of the accounting oversight board.
"Americas markets, business community and entire economy are at a critical crossroads,"SEC chairman William Donaldson said at a news conference. "We have weathered the storm of scandal and continue to seek justice and pursue wrongdoing."
Noting that the oversight board will play a major role in the effort to tighten corporate accountability,Donaldson said that McDonoughs "proven record of strong leadership, long commitment to public service and unquestioned integrity give all who invest in Americaspublic companies further reason to be confident in our efforts to demand honesty, transparency and integrity from all aspects of American business."
The SEC announced last month that it had begun to accept nominations for a new permanent accounting oversight chairman, who will be paid $556,000 a year.
The New York Stock Exchange recently nominated McDonough as a new candidate to its board of directors. McDonough was slated to join the board on Aug.1, having earlier announced plans to retire from the Fed in July.
It was not immediately clear whether McDonough, as chairman of the accounting oversight board, would continue to be on the NYSE board.
Source: The Mercury News posted on Tue.,April 15, 2003
Published:2003-04-17
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