Three former U.S. SEC chairmen endorse Obama

Wed May 14, 2008

SOUTHFIELD, Mich, May 14 (Reuters) - Three former chairmen of the U.S. Securities and Exchange Commission endorsed Democratic presidential candidate Barack Obama on Wednesday, bolstering the Illinois senator's economic credentials and bipartisan appeal as he closes in on his party's nomination.

Former SEC head William Donaldson, who was appointed by Republican President George W. Bush, joined Arthur Levitt and David Ruder in backing Obama, who leads rival Hillary Clinton in the number of delegates necessary to become the Democratic White House nominee.

Levitt was appointed by former President Bill Clinton, a Democrat, while Ruder was appointed by former President Ronald Reagan, a Republican.

"Each of us has been committed to prudent economic policy and effective financial regulation for many years," the men said in a joint statement along with former Federal Reserve Chairman Paul Volcker, also an Obama supporter.

"We believe Senator Obama can provide the positive leadership and judgment needed to take us to a stronger and more secure economic future."

In the statement they praised Obama's "reasoned approach" in analyzing "the current financial crisis and the need for balanced regulatory reform."

"We believe that such a constructive approach can be extended broadly in the economic area as well as elsewhere," they said.

Obama has distinguished his economic policies from Clinton, a New York senator, and presumptive Republican nominee John McCain, an Arizona senator, in recent weeks by opposing a reprieve on a gasoline tax over the upcoming summer months.