“William H. Donaldson, President Bush’s latest choice to head the Securities and Exchange Commission, won broad bipartisan support today at a confirmation hearing after repeatedly assuring lawmakers that he would be significantly different from his predecessor,” writes Stephen Labaton in today’s Wall Street Journal.

“Democratic and Republican lawmakers said after the hearing that they expected him to be confirmed soon to succeed Harvey L. Pitt, who announced his resignation three months ago but has continued to lead the commission during one of its busiest periods.”

“Mr. Donaldson told the Senate Banking Committee that his first priority would be to work with his colleagues to find a candidate quickly to head the new accounting oversight board and that he would begin looking for one on his first day on the job. He said his primary role would be to restore investor confidence in markets shattered by an Internet bubble, weak earnings, corporate scandals, terrorism and the prospect of war.”

” ‘Just as the war on terrorism cannot be won overnight, neither can investor confidence be completely restored so quickly,’ Mr. Donaldson said. ‘Corporate America, Wall Street and their professional stewards — lawyers, accountants, corporate and financial managers, and financial regulators — still have much work to do.’ “

” ‘The S.E.C. has been through a very trying time,’ he said. ‘The recent scandals have depleted their morale and taxed their resources like never before. If confirmed, I will work closely with the agency staff to enhance their sense of dedication and pride and restore the stature of this agency.’ “

“Mr. Donaldson struck a noncontroversial stance on a variety of important regulatory issues, declining to disclose his views on the details of an array of items under consideration by the commission and other regulatory organizations.”

“He said, for instance, that he supported accurate accounting of stock options given to executives. But he did not say how that should be done. He said he was committed to continuing the commission’s consideration of whether it should regulate hedge funds more tightly. But he did not say what sort of regulation might be needed.”

“He said it was important for the agency to continue investigating conflicts of interest on Wall Street involving the commercial and investment banking arms of major firms, as well as conflicts involving stock analysts who report on companies that are also their firm’s clients. But he did not suggest any new steps the commission should take after a recent $1 billion settlement it reached with the nation’s biggest brokerage firms.”