Random Congressman...Random Appointment
When Congressman Ed Royce was talking about his colleague Christopher Cox, we didn't know that Cox may not be a Congressman for that much longer:
[BUSH] I'm pleased to announce my nomination of Congressman Chris Cox of California as our next Chairman of the Securities and Exchange Commission. As a champion of the free enterprise system in Congress, Chris Cox knows that a free economy is built on trust. In the years ahead, Chris will vigorously enforce the rules and laws that guarantee honesty and transparency in our markets and corporate boardrooms. He will be an outstanding leader of the SEC....
To maintain the confidence that is the cornerstone of our economic system, we must ensure the honesty of American business, and the integrity of the capital markets and stock exchanges. Investors must have confidence that the information they use to make their investment decisions is fair and accurate.
The Securities and Exchange Commission is the primary federal agency that performs this essential function. The SEC investigates corporate fraud and holds guilty parties responsible when they mislead shareholders and employees....
Chris understands how markets work, and he knows the need for transparency in financial exchanges and in the halls of business. He proved that he can bring people together of diverse opinions to get things done. That kind of leadership will be invaluable as the chairman of the SEC.
I've given Chris a clear mission: To continue to strengthen public trust in our markets so the American economy can continue to grow and create jobs. The nation is increasingly a nation of stock holders. A generation ago, only a small percentage of American families invested in stocks and bonds. Today, more than half of households are investing -- for their families and for their futures. Now more than ever, we must make sure Americans can rely upon the integrity of our markets.
Chris Cox is a good man to have taken on this job, and he'll do a fine job on behalf of the American people. He brings with him a unique combination of skills and expertise: He graduated with honors from Harvard Law School and Harvard Business School, he worked as a security lawyer for nearly a decade, he taught tax law, he served in President Reagan's White House, and was elected to Congress....
[COX] Mr. President, I want to thank you very much on behalf of my wife, Rebecca, and Charles, Katie and Kevin, who you were so nice to acknowledge. This is a big day because Charles, Katie and Kevin don't have to go to school this morning. (Laughter.) As we were walking into the Cabinet Room, I told my six-year-old son, Kevin, that the President of the United States used to own -- and he said, the Texas Rangers. (Laughter.)...
The rule of law that the SEC enforces has given America the most dynamic and vibrant capital markets in the world. The unprecedented sharing of information about every productive part of our free enterprise economy is only made possible by clear and consistently enforced rules. And those rules have to govern every market participant equally -- big and small. In this amazing world of instant global communications, the free and efficient movement of capital is helping to create the greatest prosperity in human history. The natural enemies of this economic marvel are fraud and unfair dealing. Congress and your administration, Mr. President, have both done their part to strengthen the laws that protect investors and our financial markets. And if confirmed, I look forward to carrying out that mandate in the special role occupied by the Securities and Exchange Commission....
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