Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : Stockman Scott's Political Debate Porch -- Ignore unavailable to you. Want to Upgrade?

To: T L Comiskey who wrote (7939)	10/9/2002 1:54:07 PM
From: stockman_scott	Respond to of 89467

Democrats call for Pitt's resignation By Leticia Williams, CBS.MarketWatch.com Last Update: 1:30 PM ET Oct. 9, 2002 WASHINGTON (CBS.MW) -- Securities and Exchange Commission Chairman Harvey Pitt's dissenters are calling for his resignation again, this time over his handling of the selection process for a new five-member accounting oversight board. Senate Majority Leader Tom Daschle and House Minority Leader Dick Gephardt wrote a letter to President Bush on Wednesday asking him to replace Pitt, asserting that once again he has shown that his ties to the accounting industry are too great. The lawmakers wrote the letter in response to recent news reports that speculate Pitt shied away from offering the new board's chairmanship to John Biggs, an outspoken critic of the accounting industry, because of pressure from the accounting lobby. "We are asking the president to nominate a new SEC chairman who will enforce the new corporate accountability act without fear or favor, someone who understands the importance of avoiding even the appearance of conflicts of interest," the lawmakers wrote. "We believe that you should replace him immediately as SEC chair," the letter said. An SEC spokesperson could not be reached immediately for comment. On Tuesday, senior House Democrats pressed the SEC, in a letter to Pitt, to select Biggs for the accounting oversight board's chairman. "The accountants cannot, and should not be permitted to pick their regulator or exercise veto power in the commission's choices in this matter," they wrote. Read full story. The Public Company Accounting Oversight Board was mandated by the Sarbanes-Oxley Act, which was passed by Congress in July, after a string of corporate scandals shook investor confidence. The law requires the SEC to have the board and its members set by Oct. 28. ___________________________________________ Leticia Williams is a reporter for CBS.MarketWatch.com in Washington.