Hedge Funds

Bush names Glassman acting SEC chair

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President George W. Bush has appointed Securities and Exchange Commissioner Cynthia Glassman as interim head of the regulatory agency, following chairman William Donaldson's departure Thursday.

Her appointment is expected to be approved by Congress sometime after the Fourth of July holiday weekend. Glassman will hold the position until the new permanent chair, Rep. Christopher Cox, steps into the seat.

As an SEC commissioner, Glassman voted against mandatory hedge fund registration, which is slated to go into effect in February 2006. Insiders say her appointment is unlikely to affect the timeline for the implementation of those regulations.