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Washington, D.C., June 1, 2005 – LAWFUEL – The Law News Network – Secu…

Washington, D.C., June 1, 2005 – LAWFUEL – The Law News Network – Securities and Exchange Commission Chairman William H. Donaldson today announced that he would step down on June 30, 2005. Chairman Donaldson is the 27th Chairman of the United States Securities and Exchange Commission and was appointed by President Bush in 2003
Chairman Donaldson offered the following remarks:

When I assumed the Chairmanship of the Securities and Exchange Commission roughly two and one-half years ago, public confidence was severely undermined, reflecting the corporate and financial scandals that had shaken the nation. Thanks to the dedicated efforts of the many professionals who serve at the SEC, this period has represented an extraordinarily active and effective time for the Agency. It may well be remembered as the most consequential and productive period in the Commission’s history since its founding in 1934.

I have been honored to serve as Chairman. 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.

British MP George Galloway and his opponent the Daily Telegraph will leave no stone unturned to sort out what could be a spectacular libel case.