Securities & Exchange Commission Chairman Richard C. Breeden seems to have abandoned hope for a more prominent job in a second Bush Administration. Associates say Breeden, a securities lawyer and former White House aide, is seeking a private-sector job. As Breeden tried to expand the sec's jurisdiction, he frequently clashed with other Administration officials--including Treasury Secretary Nicholas Brady. Meanwhile, James M. Reum, a securities partner in the Chicago law firm of Hopkins & Sutter, has emerged as the leading candidate for a vacant seat on the sec.

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