Sarbanes-Oxley
Cox Before Senate Banking Committee
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Rep. Christopher Cox, has appeared in front of a Senate Committee on Banking, Housing and Urban Affairs. During questioning he heaped praise on his predecessor, William H. Donaldson. Whilst saying that he wanted to build on Mr. Donaldsons record and build consensus at the SEC, he avoided saying how he would have voted on contentious issues. Restoring investor confidence in American business had been Mr Donaldson's big achievment. Mr Cox, is one of three nominations put forward by President Bush for the SEC. Yesterday he added Roel C. Campos and Annete L. Nazareth for the Democrat seats. The Cox nomination has been expected to be tough. Following on from Donaldson's tough stance on regulation, Mr Cox was seen as business friendly. Indeed on many contentious issues, Republican Mr Donaldson had voted with the Democrats on the SEC. Business groups such as he United States Chamber of Commerce were sufficiently outraged to suggest that the SEC had gone too far. Paul Sarbanes, he of the Sarbanes-Oxley law and the ranking Democrat asked Mr Cox why business groups such as the Chamber of Commerce, felt the "pendulum is swinging back" on hearing of Mr Cox's appointment. Mr. Cox's reposte was that he assumed he would be lax because of his work on the Private Securities Litigation Reform Act of 1995. The act made it harder to bring class-action lawsuits against corporations. I view that legislation today as I did then - and as Senator Stevens described in his introduction of me - it's a vital part of the regime to protect shareholders, Mr. Cox said. He would pursue 4 priorities as Chairman:-
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