Posted on 09/18/2008 2:55:02 PM PDT by NoLibZone
ABC News' David Wright reports: At a joint rally in Cedar Rapids, Iowa Thursday, Republican John McCain slammed the Security and Exchange Commission (SEC) for being "asleep at the switch" saying that if he were president, he would fire Chris Cox, the chairman of the SEC since 2005 and a former Republican congressman.
McCain said the SEC has allowed trading practices such as short selling to stay in place that turned the "markets into a casino."
"The regulators were asleep, my friends," McCain said. "The chairman of the SEC serves at the appointment of the president. And in my view has betrayed the public trust. If I were president today, I would fire him."
But while the president nominates and the Senate confirms the SEC chair, a commissioner of an independent regulatory commission cannot be removed by the president.
From time to time, presidents have attempted to remove commissioners who have proven "uncooperative." However, the courts have general upheld the independence of commissioners. In 1935, President Franklin Delano Roosevelt fired a member of the Federal Trade Commission and the Supreme Court ruled the president acted unconstitutionally.
Asked how McCain would fire Cox if the president does not have the formal power to fire the chairman of the Securities and Exchange Commission, the McCain campaign pointed to former SEC Chairman Harvey Pitt who resigned in 2002 when it was made clear to him that he had lost the confidence of the Bush administration.
"Not only is there historical precedent for SEC Chairs to be removed, the President of the United States always reserves the right to request the resignation of an appointee and maintain the customary expectation that it will be delivered," said McCain spokesperson Tucker Bounds.
SEC Chair Chris Cox released a statement Thursday in which he disagreed with McCain that he should be fired and defended the regulatory agency he heads.
“While I have great respect for Senator McCain, we have sometimes disagreed, and this is one such occasion," Cox said in a statement. "The SEC has made plain that we have zero tolerance for naked short selling. In this market crisis, the men and women of the SEC have responded valiantly as they always do – with the utmost dedication and professionalism."
The White House said this week it wants to stay out of politics, but a Bush administration spokesperson said today of SEC Chairman Cox, who was nominated by President George W. Bush: "the chairman has the president's support."
Campaigning together in Iowa today McCain and Sarah Palin accused the Obama campaign of taking political advantage of the recent economic crisis.
"My opponent sees an economic crisis as a political opportunity instead of an opportunity to lead," McCain said.
Said Palin of Obama: “He likes to point the finger of blame, but does he ever lift a finger to help?”
McCain accused Obama of taking more campaign contributions from Fannie Mae and Freddie Mac executives than anyone aside from the chair of the Congressional committee that regulates the lenders.
“While Sen. Obama was lining his pockets with campaign contributors, he didn’t lift a finger” said McCain, who took credit for warning Congress of the impending crisis two years ago. McCain also noted that the former head of Obama’s vice presidential search committee Jim Johnson was formerly a Fannie Mae executive.
The Obama campaign says when Sean Hannity asked Palin last night whether there should be an investigation of campaign contributions by Fannie and Freddie executives, she deferred saying, “that’s significant, but even more significant is the role that lobbyists play in this.”
Obama campaign staffers note that several of McCain’s top advisors – including campaign manager Rick Davis, vice presidential vetter Arthur Culvahouse, and McCain consigliere Charlie Black – lobbied on behalf of the mortgage giants.
ABC News' Martha Raddatz, Lisa Chinn, Alyssa Litoff, Bret Hovell and Imtiyaz Delawala contributed to this report.
Wow must be big, the retards needed 5 people to write the story.
Of course, it's not Cox's fault, it not McCains fault, it's not Obama's fault, it's not the banks fault, it's not the lenders fault, it's not the SEC's fault, it's not Bush's fault, it's not Congresses fault or anyone in government leadership....
Sheesh...What a bunch of freaking losers.
The reality is, if these people had an ounce of respect between them, they or most all of them would resign on the spot.
That would be like saying the President has no right to fire the Secretary of Defense or anyone else he appoints. I remember when Nixon got in trouble politically for firing the Attorney General but he could still legally fire the man!
I'd stand with Cox here. He recently stopping -- abeit temporarily -- "naked" short selling and he should be requested to stay on if he completely stops it.
McCain needs to name names... The people want someone to point the finger at.
Technicalities...
At least Mac had the balls to say some heads should roll. You won’t be hearing that from BHO as his would be one of the first ones! (Nor does he have the required equipment)
This was a big error in judgment and not called for at this time. But, in times of distress a scapegoat must be found, political correctness must be followed and pandering to voters is required.
If I am not mistaken, wasn’t Chris Cox at one time mentioned as a potential McPain running-mate?
He deserved it.
I recall that GWB had very little success in removing one of the Racist Royalty, UN Human Rights Commissioner, Mary Frances Berry. Not that he tried all that hard. Even after she was replaced at the end of her tenure, she refused to leave. What a Mongolian Cluster Event that was.
I think the whole sorry lot in congress should be fired, especially those who were against tighter regulation for Fannie mae and Freddie mac, and it’s too bad clinton is no longer around for him to be fired as well.
Yeah, and Charlie Rangel is going to start paying his taxes now that blatent lawbreaking has been revealed.
SEC has plenty of authority.....just open a few of these litigation releases and scan them......
http://www.sec.gov/litigation/litreleases.shtml
They call it a cluster...
The President appoints the Chairman of the Fed, but cannot remove him. Whether this is the case here I do not know.
Obama people don't need to be concerned about government accountability because their futures are assured. (sarcasm)
“If Obama had said this, no reporter would ever mention the President’s inability to explicitly “fire” him. They would say Obama “meant” to force Cox’s resignation.”
Aftre Obama wins his 57 states, and rules as President for 10 years, he will be able to fire anyone from the MLB commissioner to Justice Scalia.
Just watch.
PS. I dont think McCain flubbed, I think he was just channelling his inner RINO.
I don’t think Obama could actually put lipstick on a pig, either.
Palin yes- Obama no.
“ABC News’ Martha Raddatz, Lisa Chinn, Alyssa Litoff, Bret Hovell and Imtiyaz Delawala contributed to this report.
They need five people to write a story? “
One to get the facts, four to add the necessary Obamedia bias.
;-)
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