William H. Donaldson, Wall St. Lion Who Led the S.E.C., Dies at 93 – The New York Times

… President George W. Bush appointed him chairman of the S.E.C. in 2003.

The commission was under fire at the time for appearing too lax in its watchdog role. After the stock market boom of the late 1990s, Americans were stunned and angered to learn that the energy firm Enron and telecommunication-services provider WorldCom had used accounting trickery to inflate their reported profits. Congress was determined to crack down and authorized a bigger budget for the S.E.C.

Mr. Donaldson, a moderate Republican, often sided with Democratic commissioners rather than those of his own party when voting on new regulations. Republicans and business groups said some of his ideas, such as imposing tighter regulation on hedge funds, would raise costs needlessly. Faced with this backlash among the commissioners, he announced his resignation in June 2005, a little over two years after his arrival.

Source: William H. Donaldson, Wall St. Lion Who Led the S.E.C., Dies at 93 – The New York Times