Source: Pitt to Back Webster for Accounting Board

October 25, 2002 ( - US Securities and Exchange Commission (SEC) Chairman Harvey Pitt will support William Webster, former CIA and FBI director, to chair a new accounting oversight board Friday, Dow Jones reported, citing an unnamed SEC source.

The SEC has scheduled a Friday afternoon meeting to vote on members of the board that was created by the Sarbanes-Oxley Act, Dow Jones said.

The board is designed to more closely regulate an industry at the center of financial scandals involving Enron Corp., WorldCom Inc. and other companies.

The commission’s Democrats, led by Commissioner Harvey Goldschmid, back John Biggs , retiring chairman and chief executive of the pension fund TIAA-CREF, who has called for greater regulation of accountants.

The other members coming before the SEC for a vote Friday include:

  • Kayla Gillan , former general counsel of the California Public Employees’ Retirement System
  • Charles Niemeier, SEC chief accountant for enforcement.
  • Daniel Goelzer, a former SEC general counsel and now a partner at the law firm of Baker & McKenzie
  • Willis Gradison, a lobbyist at Patton & Boggs in Washington and a former Republican congressman from Ohio.
  • Charles Niemeier, SEC chief accountant for enforcement.