By Stephanie Yang
Former Securities and Exchange Commission Chairman William
Donaldson has stepped into another position specializing in
financial oversight, this time in developing countries.
The Financial Services Volunteer Corps, or FSVC, named Mr.
Donaldson, 83, as its new chairman today. The nonprofit
organization promotes financial integrity and market integration in
emerging market countries. The previous chairman, former Goldman
Sachs Co-Chairman John Whitehead, died in February.
"I have a great admiration for the work that's being done by the
FSVC, the volunteers and the current management," Mr. Donaldson
said. "My role as the new chairman is to carry on that good
work."
In 1959, Mr. Donaldson co-founded the investment banking firm
Donaldson, Lufkin & Jenrette. He went on to become chairman of
the New York Stock Exchange and Aetna Insurance. Now Mr. Donaldson
runs a private investment company, Donaldson Enterprises.
FSVC volunteers work on initiatives such as lending to small
businesses, helping banks comply with regulation and setting up
mobile-payment platforms. The organization, which is funded by the
U.S. State Department and a variety of other private foundations,
has provided more than $210 million in assistance since its
founding in 1990.
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