When Arthur Levitt announced that he was stepping down as chairman of the Securities and Exchange Commission last month, Washington lawyers predictably began speculating on his replacement almost immediately. It might be some time, however, before President-elect George Bush makes the appointment.

The SEC is composed of five commissioners who are appointed for five year terms by the president and must receive Senate confirmation, according to the Securities Exchange Act of 1934. Bush will have to appoint two commissioners, following the retirement of Norman Johnson earlier last year and Levitt's resignation.

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