Ruder, Greenspan Backed By Hill Panel for SEC, Fed
ÐÊ	The Senate Banking Committee yesterday voted 17-3 to approve President ReaganÛªs nomination of David S. Ruder to be chairman of the Securities and Exchange Commission and unanimously approved ReaganÛªs choice of Alan Greenspan to be Federal Reserve Board chairman.</br></br>Committee Chairman William Proxmire (D-Wis.) and Sens. Jim Sasser (D-Tenn.) and Terry Sanford (D-N.C.) opposed Ruder. The Northwestern University business law professor is nominated to replace John Shad at the SEC. Shad is now ambassador to the Netherlands.</br></br>Greenspan, a New York economist, was approved by the committee to replace Paul A. Volcker. Volcker will head a new nonprofit commission on public service.</br></br>In explaining his reservations about Ruder, Proxmire said insider trading and securities fraud plague the nationÛªs securities markets more severely than any time in the past 50 years.</br></br>ÛÏA scholarly professor of securities law with little or no experience in the capital markets in any capacity would have trouble restoring public confidence in the market under any circumstances,Û said Proxmire. "But when that professor brings to the chairmanship in this year 1987 no record of any concern about securities fraud or the abuses involved in insider trading, it is impossible for this senator to vote to confirm his nomination.