SEC Chairman Nomination Stirs Up Controversy

May 10, 2001 ( - The Bush administration has only just appointed Harvey Pitt to the position of chairman at the Securities and Exchange Commission (SEC), but already there has been much debate on whether his roster of past corporate clients presents a conflict-of-interest problem.

Although an official announcement is yet to be made, Pitt, a prominent corporate lawyer at Fried, Frank, Harris, Shriver & Jacobson, and frequent critic of the agency will be charged with regulating many of his former clients.

Pitt served as the agency’s general counsel more than 20 years ago under President Carter, and will now fill the vacancy left by Arthur Levitt, the agency’s longest-serving chairman, who stepped down after almost eight years in the chair.