Cox Will Leave SEC; Breeden to Get Post

Securities and Exchange Commission member Charles C. Cox said Tuesday that he would leave the federal regulatory agency at the end of this month to join a consulting firm.

Cox, an SEC commissioner since 1983 and a former chief economist of the agency, said in a brief letter to President Bush that his resignation would take effect Sept. 30, unless his replacement, Richard Breeden, assumes office before that date.

The resignation of Cox had been expected because his term had technically expired, but the announcement marked the first time that Cox had disclosed a departure date and post-SEC plans.

Cox, 44, is joining Lexecon Inc., a Chicago-based economic consulting concern, where he will be senior vice president in its Securities and Finance Group, responsible for directing studies in securities, securities fraud and commodity futures trading.

Breeden, a Bush aide who played a leading White House role in the savings and loan bailout legislation, was nominated Aug. 14 to become an SEC commissioner. The Administration has said that once Breeden is confirmed by the Senate, Bush will designate him as chairman.

The Senate Banking Committee is scheduled to begin confirmation hearings Thursday for Breeden.

Current SEC Chairman David S. Ruder previously announced that he also would step down Sept. 30.