REGULATION: A Dean As a Securities Watchdog

Since Manuel F. Cohen left the post in 1969, the U.S. Securities and Exchange Commission has had no fewer than five chairmen, a measure of the job's toughness during a time of reform in the securities industry. Last week President Carter designated still another boss as the nation's securities watchdog: Harold M. Williams, 49, the brilliant dean of U.C.L.A.'S Graduate School of Management and former chairman of Norton Simon Inc., the consumer-products conglomerate. After his expected confirmation by the Senate, Williams will replace Roderick M. Hills, chairman since 1975, who had told Carter that he wanted to leave by...

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