Eight Republican Senators have asked outgoing Securities and Exchange Commission Chairman William Donaldson to defer final action on a controversial governance rule, leaving the issue for his successor to resolve, Dow Jones Newswires reports.

Senate Banking Committee members Jim Bunning (R-Ky.), Robert Bennett (R-Utah), Mike Crapo (R-Idaho), Mike Enzi (R-Wyo.), Chuck Hagel (R-Neb.), Mel Martinez (R-Fl.), Rick Santorum (R-Pa.) and John Sununu (R- N.H.), wrote a letter to Donaldson urging him to hold off on the rule requiring mutual funds to have an independent chairman and a 75% independent board until the new chairman is in place.

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