Economics Prof. Edwin T. Burton is among the leading contenders for a commissioner seat on the Securities and Exchange Commission.
The SEC regulates the nation's securities markets to ensure fair business practices for all investors.
Now there are two vacant commissioner seats on the SEC and two more openings are expected soon, leaving President George W. Bush with the potential to fill four of five seats. After being selected by the president, commissioners must be approved by the Senate.
Burton is among the top choices for a Republican seat, two of which will be available if all four seats are open. The other two seats must be filled by Democratic party members. According to SEC guidelines, no more than three commissioners may be from the same political party to ensure the independence and non-partisanship of the organization. Harvey Pitt, the newly appointed SEC chairman, is a Republican.
Burton declined to comment on the nomination due in part to it being early in the nomination process and to the uncertainty of the process.
Burton is "a natural choice" for the position because of his "unique combination of skills and background," said William R. Johnson, a former economics department chairman.
Burton, who has taught at the University since 1988 and at other colleges such as Cornell University, has distinguished himself as an academic economist and as a "real world" economist, Johnson said.
In addition to teaching, Burton pursued a career as an investment banker, gaining intimate knowledge of financial markets while working for firms such as Smith Barney and serving as a consultant for the American Stock Exchange.
Burton also served as the chairman of the Virginia Retirement System, a statewide public employee retirement system that provides a benefit pension plan for state employees.
It is "fairly rare to have somebody who has maintained a presence in the academic world and the financial world," Johnson said.
Commissioners serve a vital role in the SEC because they have the "ultimate responsibility for the decisions that are made to enforce the nation's securities laws," said SEC spokesman John Nester.
The duties of a commissioner include approving rules for securities trading and voting on enforcement proceedings for firms that do not obey the rules.
The appointment of different commissioners, and particularly chairmen, generally affects the priorities and workings of the SEC on a day-to-day basis. Commissioners direct the SEC's efforts and oversee its workings by weekly reports, so new appointees have the potential to impact the direction of the entire commission.
When Pitt was appointed as the new chairman of the regulatory commission, "things changed from top to bottom" in the SEC office, said third-year College student Courtney Heitz, who worked as an internfor the SEC over the summer. She said she would expect similar changes, although to a lesser degree, with each subsequent newcomer.
Although there is much speculation about the nominations now, "there is no way to tell" how long the nomination and selection process will take, Nester said.
Read More
U.Va. Alumni Association submits plans for new Alumni Hall building
By Caroline Hagood | YesterdayWest said that despite the proposal moving through City Council’s review process, the project is still years away from becoming a reality.
Graduating student leaders reflect on how they impacted the University community
By Jackie Bond and Brandon Kile | 2 days agoAccording to Lilian Rojas, Board of Visitors student representative and fourth-year Batten student, the Class of 2024 is defined by its resilience.
D.C. baseball legend Ryan Zimmerman to deliver keynote Valedictory address
By Xander Tilock | 3 days agoFamously nicknamed “Mr. National” for his many contributions to the Washington, D.C. franchise, Zimmerman is considered one of the most successful alumni in Virginia baseball history.
