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Ex-Fed chief rejects board job

Thursday, Sept. 12, 2002 | 10:59 a.m.

WASHINGTON -- Former Federal Reserve Chairman Paul Volcker told the Securities and Exchange Commission he won't accept a job heading a new board to police accounting firms, citing the time demands of his other activities, people familiar with the process told Bloomberg News.

The rejection "is a blow to the board's credibility," said Charles Mulford, accounting professor at the Georgia Institute of Technology. "I can't think of anybody they could get that would have the kind of credibility that he has."

Congress created the accounting oversight board in July to help restore investor confidence shaken by the failure of accounting companies to detect financial misstatements at Enron Corp., WorldCom Inc. and other companies.

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