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From the Reporters
June 2, 2005

The SEC Changes Direction

 

This morning, President Bush announced Christopher Cox got his nod for the new chairman of the Securities and Exchange Commission. The choice of Cox, a Republican congressman from California, indicates the SEC may ease its enforcing ways and promote a pro-business climate. Cox authored a 1995 law that, some say, made it difficult to sue corporations. He opposes capital-gains taxes and supports limited government. And before going into politics, he was a corporate lawyer handling financial and venture-capital issues.

His background is solid. Yet his aggressive pro-business stance raises several questions. Is Bush trying to move away from the tough enforcement that the SEC imposed under William Donaldson? Is Bush trying to show just how pro-business he is (and, by inference, how anti-business Democrats are?) As for Cox, will he return to the pre-Enron version of the SEC? Will he enforce Sarbanes-Oxley strictly, or work on repealing it? Tell us what you think the future of the SEC will--and should--be.