Senate Panel OKs Cox SEC Appointment

July 29, 2005 ( - The US Senate Banking Committee on Thursday backed the nomination of US Representative Christopher Cox as Securities and Exchange Commission (SEC) chairman, clearing the way for a vote by the full Senate.

The panel likewise gave a thumbs up to the nominations of Roel Campos and Annette Nazareth to fill two Democratic positions on the five-member SEC, the Associated Press reported. All three nominations were approved unanimously.

Cox, a Republican who has represented a California district in the House for 16 years, was selected by the president last month after the resignation of William Donaldson.

While business lobbyists had praised the selection of Cox, at a confirmation hearing last week, Cox pledged to oversee vigorous enforcement of the nation’s securities laws including the controversial stock options expensing rules (See  SEC Nominee Confirms His Support of FASB Option Expensing Rule ).

Campos, a current SEC commissioner, was nominated by Bush to serve a second term while Nazareth, who currently is director of the SEC’s market regulation unit, was picked to replace Commissioner Harvey Goldschmid, who is stepping down to return to teaching law at Columbia University.