The Securities Industry Association is applauding the Senate Banking Committee’s approval of William Donaldson as Securities and Exchange Commission chairman.

Last December, the SIA enthusiastically greeted President Bush’s selection of Donaldson for the position. At that time, SIA president Marc Lackritz called Donaldson “a superb choice.” Donaldson now faces a confirmation vote by the full Senate, which is expected as early as this week.

“Bill Donaldson will make an outstanding SEC chairman,” Lackritz said. “He has the experience, expertise, integrity, and leadership skills that the job demands. We are confident that his tenure with the SEC will mark the continuation of his impressive record of success and achievement.

“He has what it takes to guide the SEC effectively in helping to rebuild the public’s trust and confidence in our capital markets,” Lackritz said. “We urge the Senate to confirm Bill Donaldson’s nomination and we urge Congress to give him the resources the agency needs to do the job effectively.”