SEC chief refuses to step down

Harvey Pitt, chairman of the Securities and Exchange Commission (SEC), has refused to quit despite coming under fire from US senators for his role in America's recent accountancy scandals.

Public interest groups have joined with senators from both US parties to campaign for Pitt's resignation, alleging his business contacts with top companies conflict with his role as a financial regulator.

Pitt previously served as a lawyer to several big accountancy firms, and is said to have had a one-to-one meeting with Xerox CEO Anne Mulcahy last year, despite not being involved in the day-to-day investigation into the company.

However, in an interview with CNN yesterday, Pitt defended his position and said he would not resign.