Nazareth resigns as SEC commissioner

In a letter to President George W Bush released by the SEC, Nazareth said she would resign her position on January 31, citing her desire "to pursue other professional opportunities".

Nazareth, who was appointed to the SEC in August 2004, mentioned the introduction of the national market system (Reg NMS), which saw securities markets move from primarily floor-based environments to more fully electronic venues, among her proudest achievements during her time with the commission.

Nazareth's departure leaves the SEC board without any representation from the Democratic Party, after the resignation of fellow Democrat commissioner Roel Campos in September 2007.

The regulator's charter mandates that, to ensure the commission remains non-partisan, at least two of the five Commission seats must be occupied by members of the opposition. Chairman Chris Cox, and remaining commissioners Paul Atkins and Kathleen Casey, are all members of the Republican Party.

A spokesperson for the SEC was unable to say when a new appointment would be made to fill the vacancies left by Nazareth and Campos. "Any new commissioner has to be proposed by the President and then confirmed by the Senate so it's a very uncertain business to try to judge timeframes," he said.

See also: Nazareth to leave SEC