New chiefs for ASIC, ACCC named

SYDNEY (AAP) - The federal government has named two new bosses for the nation's competition and corporate watchdogs.
Treasurer Wayne Swan has nominated Rod Sims to become the next chairman of the Australian Competition and Consumer Commission (ACCC), replacing Graeme Samuel.
He's also recommended Greg Medcraft be appointed chairman of the Australian Securities and Investments Commission (ASIC).
"Mr Sims and Mr Medcraft are just the people we need to keep standing up for competition, and also to protect the integrity and stability of financial markets," Mr Swan told reporters in Canberra.
Mr Medcraft will take over from outgoing ASIC chairman Tony D'Aloisio on May 13 for a five-year team.
The former investment banker became a commissioner in February 2009.
At ASIC his responsibilities include the oversight of investment banking, investment managers, super funds and financial advisers.
Mr Medcraft's appointment will be rubber-stamped by the governor-general.
But Mr Swan's pick for ACCC chairman, Mr Sims, needs to be endorsed by the states and territories.
The Treasurer has written to them asking for their support.
If the appointment is approved, Mr Sims' five-year term would begin in August.
In the 1980s, Mr Sims worked as deputy secretary in the Department of Prime Minister and Cabinet.
He's currently chairman of the NSW Independent Pricing and Regulatory Tribunal (IPART).
The commercial consultant is also an adviser to the Gillard government's multi-party climate change committee.
Former ACCC chairman Allan Fels has called on consumer and business groups to support Mr Sims, and encouraged the states and territories to approve his nomination.
"Rod Sims is an excellent choice for the job of ACCC chair," Prof Fels said in a statement.
"He has a unique combination of experience advising and acting on competition issues across both the public and private sector, and this will be a major asset in balancing the interests of consumers and business."
The Australian Industry Group said Mr Sims would be a "sound appointment".
"Mr Sims is well versed in business and has a deep understanding of microeconomic policies and market dynamics," chief executive Heather Ridout said in a statement.