Securities and Exchange Commission

The five members of the Securities and Exchange Commission are expected to vote to name the head of a new board to regulate the accounting industry.

The board, to be independent of the industry, was established in the wake of accounting scandals that rocked the stock market last summer.

Reports indicate the three Republicans on the board have settled on former FBI and CIA chief William Webster, while two Democratic board members prefer John Biggs Chairman of TIAA-CREF, a teachers' pension fund that is a leading advocate of reform.