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Money management

By Weinstock, Matthew
Publication: Government Executive
Date: Tuesday, April 1 2003
HEADNOTE

In order to restore public confidence in the nation .financial markets, William Donaldson must revive a deflated Securities and Exchange Commission.

The message couldn't have been any clearer. During William

Donaldson's Feb. 5 confirmation hearing, senator after senator told him exactly what they expected from him as the head the Securities and Exchange Commission: Make Americans feel good again about investing in the financial markets.

Banking Committee Chairman Richard Shelby, R-Ala., summed up the overwhelming challenge facing the 71-year-old Donaldson: "Our capital markets, which are the envy of the world, have been shaken by scandal and corporate malfeasance.We have all suffered accordingly. Investors have seen trillions of dollars of market capital evaporate, he told the packed hearing room. "Without integrity, there can be no such thing as rational investor confidence ... and few people have as important a role to play in safeguarding the integrity of our markets as the chairman of the SEC."

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