It is too early to speculate what impact Harvey Pitt, President Bush's designee for chairman of the Securities and Exchange Commission, will have on the mutual fund industry. Those assessments will only come after the corporate lawyer begins to take action on what will be a full agenda, according to analysts.
The White House announced the selection May 10. A formal nomination is expected soon. The nomination is for the remainder of a five-year term expiring June 5, 1003, according to Ari Fleischer, a White House spokesperson. Following the nomination, Pitt, a Republican, would have to be confirmed by the Senate.