The Securities and Exchange Commission (SEC) finally has a new chief. Last night the Senate confirmed by voice vote the appointment of William H. Donaldson to succeed Harvey Pitt as chair of the Commission. The vote followed a relatively easy confirmation hearing last week.

Pitt had retained his seat on the Commission until Donaldson's confirmation. During his week's as a lame duck, Pitt had aggressively pursued new rules to govern the mutual fund industry. Most recently, he oversaw the SEC's request for comment on a proposal that could eventually create a self-regulating organization for the investment advisor and fund industry. That proposal, and the new requirement that funds disclose their proxy votes has made Pitt seem an enemy of the industry.

Donaldson said at his confirmation hearing that his first priority would be to find a new chairman for the SEC's accounting oversight board.  

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