By James Langton

(December 20 – 12:45 ET) – Securities and Exchange Commission chairman Arthur Levitt is leaving the SEC.

Levitt, 69, is holding a news conference this morning to announce his resignation, effective in early 2001. Although Levitt’s second term wasn’t set to expire until 2003, he has decided to step down early in the new year, allowing president-elect George W. Bush to install his own choice for SEC chairman.

Levitt’s successor will be nominated by Bush and confirmed by the United States Senate. Former SEC general counsel James Doty, 60, has been tipped as a possible successor.

This morning Bush announced that Paul O’Neill, chairman of Alcoa, has been nominated as the next Treasury secretary replacing Larry Summers.

Levitt’s future has been the subject of speculation for some time, and some observers believed it was likely that Levitt would resign when the Clinton administration left office regardless of who won the presidency. It’s believed that Levitt would like to head a museum or a newspaper.

Levitt has been busy in the past year, bringing an end to selective disclosure through Regulation FD and waging an ongoing battle to improve auditor independence. He also spearheaded the 1996 collusion suit against Nasdaq.