WASHINGTON - The chairman of the Securities and Exchange Commission, William Donaldson, announced Wednesday that he was quitting his post as the top US financial market watchdog.
"Although there will always be more work to be done to preserve and enhance the integrity and strength of our nation's corporations and markets, I believe the time has come for me to step down and return to the private sector and my family," Donaldson said in a statement.
Donaldson, a longtime friend of President George W. Bush's family, had come under fire in business and political circles for pursuing an agenda that has been perceived as being too regulatory.
A former head of the New York Stock Exchange, Donaldson last month pushed through a controversial plan to overhaul stock trading, over the objections of fellow Republican commissioners.
Donaldson took over the SEC in February 2003 from Harvey Pitt, who had been criticized for being too lax during a series of corporate scandals.
06/01/2005 17:52 GMT