Cox tapped for SEC post

President Bush today picked House Homeland Security Committee Chairman Christopher Cox (R-Calif.) as the next leader of the Securities and Exchange Commission, succeeding William Donaldson, who announced his resignation yesterday.

If confirmed by the Senate, Cox would have to leave Congress, where he has served for 16 years. He was the first chairman of the House Homeland Security Committee, which authored legislation passed by the House last month to reauthorize $34 billion for the Homeland Security Department and its programs.

"Bill Donaldson has set high standards for American business and the SEC, and Chris Cox is the right man to carry on this important work," President Bush said today.

Cox is a graduate of Harvard Law School and Harvard Business School, was formerly a security lawyer who taught tax law. In Congress, he was a supporter of the so-called Sarbanes-Oxley Act, meant to tighten management controls to prevent corporate fraud.

"The rule of law that the SEC enforces has given America the most dynamic and vibrant capital markets in the world. The unprecedented sharing of information about every productive part of our free enterprise economy is only made possible by clear and consistently enforced rules," Cox said today at the White House.

"The SEC is one of the best run agencies in the federal government, and has been so for years. During my time as a securities practitioner, I was consistently impressed by the high caliber of professionals who regulate corporate finance and our markets. It will be an honor, if confirmed, to join this exceptional team," Cox said.