Wasting No Time
Rep. Christopher Cox (R-CA) was nominated by President Bush to replace Bill Donaldson as Chairman of the SEC, just a day after Donaldson announced his retirement. If the pick sets the forward tone for oversight of U.S. businesses and financial markets, this must be seen as a pro-business choice.
Cox co-authored legislation protecting businesses against investor lawsuits - the only bill to survive a Clinton veto. He has also made tax reform an ongoing priority, fighting against capital gains taxes, dividend taxes, the death tax, and internet taxation.
Congressman Cox at a glance:
- First Chairman of House Committee on Homeland Security
- Chairman of House Policy Committee
- House Financial Services Committee Member
- Chaired 3 Congressional Task Forces on Capital Markets
Pre-Congressional career (from Congressional website):
- Senior Associate Counsel to the President, The White House, 1986-88
- Partner, Latham & Watkins, international law firm, 1984-86
- Lecturer on Business Administration, Harvard Business School, 1982-83
- Associate, Latham & Watkins, 1978-82
- Clerk, U.S. Court of Appeals, 1977-78
- 1977 Harvard Law School, J.D.; Editor, Harvard Law Review
- 1977 Harvard Business School, M.B.A.
- 1973 University of Southern California, B.A. (three-year accelerated course)
Cox's nomination is subject to that delightful and civilized process, Senate confirmation. The nominee faced a similar process in 2001 as a Court of Appeals nominee, but later withdrew his name.
How Cox's prospective Chairmanship would affect SEC oversight and enforcement of financial markets, only time will tell. Early litmus tests may include whether the SEC will now entertain the plea of many of Cox's home state's high-growth technology companies to postpone implementation of the stock option expensing accounting rules, and whether the Commission will approve the proposed NYSE-Archipelago merger.
Handcrafted by Flip on June 2, 2005 |
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