WASHINGTON -- J. Carter Beese Jr. will resign from the Securities and Exchange Commission later this month to join the Center for Strategic and International Studies.
Beese, whose term does not expire until June 1996, said yesterday that he plans to join the Washington-based think tank as a senior adviser and chairman of a new group of industry leaders that the center is forming to study regulatory reform of the capital markets.
"The time has come to step back and undertake a complete rethinking of the way that markets, both in the U.S. and abroad, are regulated," he said in a written release.
Beese, who occupies a Republican seat on the five-member commission, joined the agency in March 1992 after leaving the Baltimore-based investment banking firm of Alex. Brown & Sons, where he was a partner.
His departure will leave the SEC with chairman Arthur Levitt and two other members, Richard Roberts and Steven Wallman, all of whom are Democrats. That means President Clinton will have to name Republicans or independents to fill the two empty seats because the law specifies that no more than three members of any one party can serve on the commission at the same time.
Mary Shapiro left the SEC last month to become commissioner of the Commodity Futures Trading Commission.