Harvey Goldschmid, one of the five commissioners at the US Securities and Exchange Commission, has emerged as a frontrunner to succeed William Donaldson, chairman of the regulator, if John Kerry wins the US presidential race next month.

Goldschmid, a Democrat, has been a leading campaigner for reform in areas including regulation of mutual funds and hedge funds, backing proposals to tighten controls on both in the wake of a spate of scandals.