The Bush administration has nominated Wall Street veteran William Donaldson to replace Harvey Pitt as chairman of the Securities and Exchange Commission, but observers said it’s too early to say what the appointment will mean for the mutual fund business.

Donaldson founded Donaldson Lufkin & Jenrette in 1959 and served as the firm’s chairman and CEO, eventually becoming chairman of Aetna. In addition, he served as chairman and CEO of the New York Stock Exchange from 1990 to 1995.

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