Bush Picks California Congressman as SEC Chairman Candidate
WASHINGTON - President Bush has already selected a nominee for the SEC Chairman post after William Donaldson announced his departure from the top spot on June 1. The President said he nominated Rep. Christopher Cox (R-Calif.) to become the SEC's 28th Chairman. Cox, 52, who has represented Orange County since 1988, is chairman of the House Committee on Homeland Security. Cox has served on several House committees with oversight over securities regulation and was a chief advocate for a law limiting securities lawsuits by private investors and for changes to the tax code reducing levies on income from investments, including dividends. Donaldson, who has served as SEC chairman for nearly three years, announced on June 1 that he will leave the post on June 30 to return to the private sector. Cox is awaiting Senate confirmation. The SEC has been an important agency for CUs of late because of Regulation B, which would extend exemptions to CUs such as engaging in third-party networking, sweep accounts and trust fiduciary services without having to register with the SEC.