President Bush late last week nominated Kathleen Casey, staff director and chief attorney for the Senate Banking Committee, to replace outgoing Securities and Exchange Commission Commissioner Cynthia Glassman - a move that a number of industry trade groups praised, MarketWatch reports.

Casey "has been involved in every major successful piece of financial legislation in the last 10 years," said Travis Larson, a spokesman for the Securities Industry Association.

"Her history as a strong advocate for investors' interests and her vast experience will serve her well at the SEC."

Lisa McGreevy, executive vice president of the Financial Services Roundtable, said Casey is able to make compelling arguments: "She can put [a debate] together into a very cogent and cohesive product to go forward."

If approved, issues that Casey is likely to grapple with in her early days at the Commission will include the independent chairman rule, using extensible business reporting language (XBRL) to make data in financial reports more accessible for investors, and disclosure of executive compensation.

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