May 22, 2006

President Nominates Congressional Staffer to Fill SEC Post

WASHINGTON (HedgeWorld.com)--Kathleen L. Casey has been nominated to replace Cynthia Glassman at the Securities and Exchange Commission following the expiration of Ms. Glassman's term on June 5.

Ms. Casey is currently the staff director and counsel for the Senate Committee on Banking, Housing and Urban Affairs that is chaired by Sen. Richard Shelby (R-Ala.), whom she previously served as chief of staff and legislative director.

Ms. Glassman announced her intention to leave the SEC on Monday [May 15] in a letter to President George W. Bush. Mr. Bush announced his nomination on May 18, along with the appointment of 18 other officials within his administration.

It is not known how closely Ms. Casey's management philosophy will mirror that of Ms. Glassman, who opposed the commission's action to require registration of hedge fund managers. Ms. Glassman was well respected by the staff, according Michael McCoy, who left the SEC's Division of Corporate Finance to join law firm Bryan Cave LLP in January 2005.

She encouraged SEC staffers to volunteer in a public school tutoring program by allowing them to take administrative leave during the work day. Through the initiative, employees got a keen sense of her commitment to public service, Mr. McCoy said.

Ms. Glassman also was known for her intense questioning of the use of SEC resources, particularly in the area of hedge fund registration. "That was Glassman's point, to let the market decide what's best and to say whether they should be registered, and I think in the end she was right," Mr. McCoy said.

Contact Bob Keane with questions or comments at bkeane@investmentadvisor.com.

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