Commissioner Atkins Announces Intent To Leave SEC

May 6, 2008

FEI Summary

On May 5, 2008, the U.S. Securities and Exchange Commission (SEC) issued a press release announcing that Commissioner Paul S. Atkins has announced his intent to leave the SEC at the end of his term in 2008. He stated he will stay with the Commission until his successor is named.

As noted in the SEC press release, “During his almost six years in office, Commissioner Atkins has advocated greater transparency and cost-benefit analysis in the SEC rulemaking process. He has championed rulemaking designed to make disclosure documents for mutual funds and corporations more straightforward and user-friendly, foreign investment more accessible to U.S. investors seeking to diversify their portfolios, and raising capital easier for small businesses.”

In addition to serving as a Commissioner under Chairmen Harvey Pitt, William Donaldson and Christopher Cox, Atkins’ previous service at the SEC included serving as chief of staff for Chairman Richard Breeden, and counselor to Chairman Arthur Levitt, Jr.

Atkins’ announcement signals there will be three vacancies on the five-member Commission to fill.   

The two Democrats serving most recently on the Commission, Roel Campos and Annette Nazareth, left the SEC last year and this year, respectively.

President George W. Bush formally nominated two Democrats on March 31 to replace Campos and Nazareth: Luis A. Aguilar and Elisse B. Walter. Further background on the nominees is available here. Their nominations are pending confirmation hearings by the Senate Banking Committee and confirmation by the full Senate.

Separately, the Senate Banking Committee announced it is holding a hearing on May 7 on: “Turmoil in the U.S. Credit Markets: Examining the Regulation of Investment Banks by the U.S. Securities and Exchange Commission.” The hearing is one in a series of hearings on the subject “Turmoil in the Credit Markets” being convened by Senate Banking Committee Chair Christopher Dodd.

Prepared May 6, 2008 by Edith Orenstein, Director, Technical Policy Analysis, Financial Executives International (FEI). This summary does not represent FEI opinion unless specifically noted above.