Cox Receives Senate’s OK to Head SEC
The U.S. Senate approved on Friday the choice of President Bush to head the Securities and Exchange Commission, nine-term Newport Beach Republican Congressman Christopher Cox.
On a voice vote, the Senate, as expected, gave its assent to Cox and two Democratic SEC nominees -- incumbent Commissioner Roel C. Campos and Annette Nazareth, currently director of the SEC’s market-regulation division.
The Senate Banking Committee approved all three nominations this week. Cox, Campos and Nazareth will join the two incumbent Republicans on the five-member panel, Paul S. Atkins and Cynthia A. Glassman.
Cox, 52, a self-described free market conservative, takes over the SEC from William H. Donaldson, who quit as chairman June 30 after two years in the job.
The Senate vote came despite continuing opposition to Cox by some consumer advocates. They say he hasn’t fully explained legal work he did in the 1980s for First Pension Corp., an Orange County investment firm later shown to be a scam operation.
Cox told the Senate Banking Committee this week that the work he did for First Pension was on a securities offering that wasn’t the basis for the charges later brought against the firm.
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