By stepping down as Chairman of the Securities and Exchange Commission, William H. Donaldson puts at risk the very reforms he fought for during his two-year tenure, BusinessWeek reports. Although a Republican, Donaldson ended up siding with Democrats over key issues such as mutual fund reform, hedge fund regulation and securities exchange modernization.

A new SEC chief who is more business-friendly than Donaldson proved to be is not likely to completely deconstruct the former Chairman's efforts but could take steps that would take the sting out of some of the new regulations.

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