Former U.S. Securities and Exchange Commission chairman Harvey Pitt, originally appointed by President George W. Bush in 2001, passed away earlier this week. Pitt was 78 at the time of his passing on May 30, according to a statement received by Reuters from the director of the SEC Historical Society.

Pitt, who had previously been a partner in a D.C.-based law firm, was tapped by Bush in 2001 to take a more conservative and deregulatory approach. But his early tenure was immediately marked by the aftermath of September 11, 2001, and the closure of the financial markets.

Pitt left the SEC in 2003, following a series of events including the fall of Enron and controversy surrounding the newly-formed Public Company Accounting Oversight Board (PCAOB), and Pitt's appointment of William Webster to head the new agency. 

When questioned, Pitt said, "I feel I left on a very high note ... We adopted every regulation required by Sarbanes-Oxley on time. The reason I left was not because I was told to leave ... but because I wanted everything to be about the agency, not about me," as reported by Kathleen Pender of SFGate. 

A few years later, Pitt was appointed deputy attorney general for the state of Alabama. He was brought in to investigate a case involving a bank named Colonial BancGroup, which claimed to be a victim of naked short sales. Pitt had a record of opposing naked shorts, and his title of deputy AG was largely procedural, and the work voluntary. 

The SEC's statement on the passing of Pitt reads:

"We mourn the passing of Harvey Pitt, the 26th Chairman of the Securities and Exchange Commission. Harvey loved this agency, dating back to his time right out of law school serving as a staff attorney in the Office of General Counsel (OGC). He continued to serve the Commission for a decade, advising former Commissioner Francis M. Wheat, taking on important roles in OGC and the Division of Market Regulation, and serving in the front office of former Chairman Ray Garrett, Jr.

"After only seven years at the SEC, Harvey became the youngest General Counsel in the SEC’s history. It was one of his greatest dreams to come back later in his career to chair the agency. As Chair, he oversaw the SEC’s response to the September 11 attacks and led the Commission’s rulemaking efforts in response to the corporate accounting crises of the 1990s. Even in the last year, he has made himself available to offer advice and continued to submit comment letters on our rulemaking proposals. Our hearts go out to Saree and Harvey’s family."