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June 02, 2005
George Bush Nominates Chris Cox for Chairman of SEC
The Securities and Exhchange Commission's primary job is to make sure that American businesses are working honestly. The SEC investigates fraudulent activities committed by corporations and make sure that they are held responsible for their actions if they decieve clientele or employees.
The current chairman of the SEC, Bill Donaldson started his position with the SEC in February of 2003. As the chairman of the SEC, Donaldson attempted to crack down on unlawful practices through corporations. The number of actions filed by the SEC against corporations practicing unlawful business increased under Donaldson's leadership. But Donaldson was also criticized for trying to regulate the one trillion dollar hedge fund industry, which had never even been tried before by any SEC chairman. He has decided to resign on June 30th.
George Bush believes that Chris Cox is the next man to take over the responsiblities of being the chairman of the SEC. Chris Cox is a 52 year old Californian Republican. President Bush believes he is qualified for this position because Chris Cox is a graduate of Harvard Business and Law School with honors and has experience being a security lawyer. He also was an advisor to President Reagan before being elected to Congress.
The nomination for the SEC chairman has already been heavily criticized by many. A former Republican congressman named Vin Weber gave his own opinion on the SEC nomination, "I've known Chris Cox since he was elected to Congress in 1988 and I will be shocked if he's anything other than a very strong deregulator".
And the Associate General Counsel, Damon Silvers of the AFL-CIO, the nation's biggest labor federation spoke out against the nomination, "If Cox had written our securities laws, the executives at WorldCom and Enron wouldn't have any legal troubles."
Posted by Tuck at June 2, 2005 05:19 PM
