The US Senate has confirmed investment banker Mr William Donaldson as chairman of the market-regulating Securities and Exchange Commission.
Mr Donaldson (71) was nominated by President Bush to replace securities attorney Mr Harvey Pitt, who offered his resignation in November after he mishandled the creation of a new body to police the accounting industry.
The Senate confirmed Mr Donaldson on a voice vote late last night, two days after he had been approved by the Senate Banking Committee. He could be sworn in and on the job by next week.
A former New York Stock Exchange chief and ex-Marine, Mr Donaldson has said his first priority will be to pick a new head of the Public Company Accounting Oversight Board.
President Bush said: "In this new role, he [Mr Donaldson] will continue to crack down on corporate wrongdoing, work to protect investors and restore confidence in our capital markets".