Posted on 06/03/2005 5:39:49 AM PDT by JustaCowgirl
WASHINGTON, D.C. (AHN) – US President George W. Bush finally nominated Republican congressman Christopher Cox as the chairman of the Securities and Exchange Commission.
The 52-year-old California representative replaced William Donaldson. Donaldson on Wednesday announced his resignation after just two and a half years tenure.
"Chris Cox is the right man to carry on this important work,” Bush stated.
He also didn’t forget to praise outgoing chairman Donaldson’s "exceptional job" in supervising strict new regulation in the wake of massive corporate scam.
Donaldson took over as SEC chairman in February 2003 from Harvey Pitt.
Pitt had been condemned for his casual approach during a slew of corporate scandals at big corporate houses like Enron and WorldCom. Donaldson's tenure was scheduled to end in 2007, but he had to make way for Cox because of his aggressive approach in regulating business.
Cox said he would try to maintain his predecessor's work in policing Wall Street in particular and the free flow of US capital in general. "The natural enemies of this economic marvel are fraud and unfair dealing," Cox said.
“Congress and your administration, Mr. President, have both done their part to strengthen the laws that protect investors in our financial markets and if confirmed, I look forward to carrying out that mandate in the special role occupied by the Securities and Exchange Commission," Cox said.
I assume the author means Cox's aggressive approach to regulating business, but he/she may have meant Donaldson's. I'm not certain how we know what Cox's approach is going to be.
Cox arrives at SEC with Mop and Bucket!!!
bump!
bump!!
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