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==[[U.S. Securities and Exchange Commission]] chairman==
==[[U.S. Securities and Exchange Commission]] chairman==
{{Shorten}}

Cox was nominated by [[President of the United States|President]] [[George W. Bush]] to be the 28th Chairman of the [[United States Securities and Exchange Commission]] (SEC) on [[June 2005|June 2, 2005]] and unanimously confirmed by the [[United States Senate]] on [[July 2005|July 29, 2005]]. He was sworn in on [[August 2005|August 3, 2005]].
Cox was nominated by [[President of the United States|President]] [[George W. Bush]] to be the 28th Chairman of the [[United States Securities and Exchange Commission]] (SEC) on [[June 2005|June 2, 2005]] and unanimously confirmed by the [[United States Senate]] on [[July 2005|July 29, 2005]]. He was sworn in on [[August 2005|August 3, 2005]].
Line 115: Line 115:
Although his appointed term expired in [[June 2009]],<ref>"US Senate to redo SEC chief's confirmation," Reuters, Jan. 26, 2009, http://www.forbes.com/feeds/reuters/2009/01/26/2009-01-26T221748Z_01_N26406752_RTRIDST_0_SEC-CONGRESS-UPDATE-1.html</ref> Cox planned to step down as chairman at the end of the [[George W. Bush administration|Bush administration]]. He resigned as chairman of the [[U.S. Securities and Exchange Commission|SEC]] on [[January 2009|January 20, 2009]].
Although his appointed term expired in [[June 2009]],<ref>"US Senate to redo SEC chief's confirmation," Reuters, Jan. 26, 2009, http://www.forbes.com/feeds/reuters/2009/01/26/2009-01-26T221748Z_01_N26406752_RTRIDST_0_SEC-CONGRESS-UPDATE-1.html</ref> Cox planned to step down as chairman at the end of the [[George W. Bush administration|Bush administration]]. He resigned as chairman of the [[U.S. Securities and Exchange Commission|SEC]] on [[January 2009|January 20, 2009]].


A [[Los Angeles Times]] analysis of his chairmanship noted it will be characterized by missing the signs that [[Wall Street]] was poised for meltdown, and that while "many observers say it isn't fair to blame him or the [[U.S. Securities and Exchange Commission|SEC]] for the widespread problems," others "are less charitable, saying Cox's long-standing support of a deregulated market and friendliness to business made him the wrong [[U.S. Securities and Exchange Commission|SEC]] chairman at the wrong time."<ref>"An ironic twist in the tale of SEC's Christopher Cox," LA Times, January 30, 2009, http://www.latimes.com/news/local/la-me-parsons30-2009jan30,0,3244574.column?track=rss</ref> In a review of his tenure published at the time of his departure, [[Bloomberg News]] quoted Robert Hillman, who teaches securities law at the [[University of California, Davis]],<ref>[http://www.law.ucdavis.edu/faculty/Hillman/ Robert W. Hillman UCDavis bio]</ref> as saying, "He may go down as the unluckiest of the [[U.S. Securities and Exchange Commission|SEC]] chairmen. ... He was slow to recognize the deteriorating position of brokerage firms. In that sense, he bears joint responsibility with the [[Secretary of the Treasury]] and the [[Federal Reserve Chairman|Federal Reserve chairman]]." <ref>[http://www.bloomberg.com/apps/news?pid=10000087&refer=top_world_news&sid=ajew3yAbP5tg "Cox Quits at SEC, Leaves Schapiro to Restore Clout (Update2)"] ''Bloomberg News'', by Jesse Westbrook. Last Updated: January 21, 2009 20:31 EST. Retrieved 2-1-09.</ref>
A [[Los Angeles Times]] analysis of his chairmanship noted it will be characterized by missing the signs that [[Wall Street]] was poised for meltdown, and that while "many observers say it isn't fair to blame him or the [[U.S. Securities and Exchange Commission|SEC]] for the widespread problems," others "are less charitable, saying Cox's long-standing support of a deregulated market and friendliness to business made him the wrong [[U.S. Securities and Exchange Commission|SEC]] chairman at the wrong time."<ref>"An ironic twist in the tale of SEC's Christopher Cox," LA Times, January 30, 2009, http://www.latimes.com/news/local/la-me-parsons30-2009jan30,0,3244574.column?track=rss</ref> In a review of his tenure published at the time of his departure, [[Bloomberg News]] quoted Robert Hillman, who teaches securities law at the [[University of California, Davis]],<ref>[http://www.law.ucdavis.edu/faculty/Hillman/ Robert W. Hillman UCDavis bio]</ref> as saying, "He may go down as the unluckiest of the [[U.S. Securities and Exchange Commission|SEC]] chairmen. ... He was slow to recognize the deteriorating position of brokerage firms. In that sense, he bears joint responsibility with the [[Secretary of the Treasury]] and the [[Federal Reserve Chairman|Federal Reserve chairman]]." <ref>[http://www.bloomberg.com/apps/news?pid=10000087&refer=top_world_news&sid=ajew3yAbP5tg "Cox Quits at SEC, Leaves Schapiro to Restore Clout (Update2)"] ''Bloomberg News'', by Jesse Westbrook. Last Updated: January 21, 2009 20:31 EST. Retrieved 2-1-09.</ref>


==Response to [[Economic crisis of 2008]]==
==Response to [[Economic crisis of 2008]]==

Revision as of 04:56, 23 February 2009

For other people named Chris Cox, see Chris Cox (disambiguation).
Christopher Cox
28th Chairman of the Securities and Exchange Commission
In office
August 3, 2005 – January 20, 2009
PresidentGeorge W. Bush
Preceded byWilliam H. Donaldson
Succeeded byMary Schapiro
Member of the U.S. House of Representatives
from California's 48th district
In office
January 3, 1989 – August 2, 2005
Preceded byRobert Badham
Succeeded byJohn Campbell
Personal details
Born (1952-10-16) October 16, 1952 (age 72)
Saint Paul, Minnesota
Political partyRepublican
SpouseRebecca Gernhardt Cox
Alma materUniversity of Southern California, Harvard University

Charles Christopher Cox (born October 16, 1952, in St. Paul, Minnesota), is a former Chairman of the U.S. Securities and Exchange Commission, a 17-year Republican member of the United States House of Representatives, and member of the White House staff in the administration of President Ronald Reagan. Prior to his Washington service he was a practicing attorney, teacher, and entrepreneur.[1]

Pre-congressional career

After graduating from Saint Thomas Academy in Mendota Heights, Minnesota in 1970, Cox earned his B.A. at the University of Southern California in 1973, following an accelerated three-year course.[2] In 1977 he earned both an M.B.A. from Harvard Business School and a J.D. from Harvard Law School, where he was an Editor of the Harvard Law Review.[3]

In 1978, Cox was paralyzed from the waist down following a serious off-road Jeep accident in the rainforest on the Hawaiʻian island of Molokaʻi. He eventually regained the ability to walk, but wore a harness of steel bars and leather straps for six months. He still has two metal screws in his back, and according to a 2005 Fortune magazine profile, “has been in pain every day for the past 27 years.”[4] Since he can't sit for extended periods of time, he has a special desk that allows him to work while standing.[5]

As a contestant on the NBC-TV game show Password Plus, Cox won more than $5,000 over multiple appearances.[4] According to a re-broadcast of Password Plus on the cable network GSN, Cox appeared in 1980 and won $5,400 cash.

During the second term of Ronald Reagan from 1986 to 1988, he served in the White House as Senior Associate Counsel to the President. His duties included advising on the nomination of three Supreme Court justices, the establishment of the Brady Commission following the 1987 market crash, and the drafting of legislative reform proposals for the federal budget process.[6]

From 1977 to 1986, Cox was first an associate and then partner with the international law firm of Latham & Watkins. At the time of his retirement in 1986 he was the Partner in Charge of the Corporate Department in the Orange County office, and served as a member of the firm's national management.[3]

In 1982–83, Cox took a leave of absence from Latham & Watkins to teach federal income tax at Harvard Business School.[3]

In 1984, Cox co-founded Context Corporation, which produced daily English reproductions of the leading state-controlled newspaper in the Soviet Union, Pravda. The publication was used chiefly by U.S. universities and U.S. government agencies, and was eventually distributed to customers in 26 countries around the world. The company had no connection to the Soviet government.[7]

U.S. Congress

1989, Congressional Pictorial Directory — Cox as a first term Congressman

Cox was elected to Congress in 1988 from what was then California's 40th District. He was re-elected eight more times from this Orange County-based district, which was renumbered as the 47th District in 1993 and the 48th District in 2003.[1]

Early in his congressional career, Cox befriended two anti-Communists in Hungary and Lithuania who had been prisoners of conscience and who later became presidents of their countries after the end of Soviet domination. Cox met Árpád Göncz in 1989, and when Cox was later married, he spent part of his honeymoon in Hungary with then-President Göncz and his wife Mária. Cox met Dr. Vytautas Landsbergis, a professor at the Conservatory of Music in Vilnius, in 1989, well before the successful reestablishment of Lithuanian independence. The night Landsbergis was elected President of Lithuania, he embraced Cox on the tarmac at the airport in Vilnius after the Soviet Union had held Cox in East Berlin for a prolonged period. [8] In May 1998, Cox was presented with the Order of the Lithuanian Grand Duke Gediminas, the highest honor the Republic of Lithuania can give to a living noncitizen.[9]

In 1989, Polish President Lech Wałęsa joined Cox in a Washington, DC ceremony marking the enactment of Cox's legislation establishing the Polish-American Enterprise Fund. Together with the Baltic-American Enterprise Fund, the Hungarian-American Enterprise Fund, and seven other enterprise funds in Central and Eastern Europe and the former Soviet Union, the Cox legislation, incorporated in the Support Eastern European Democracy (SEED) Act, matched U.S. foreign aid with venture capital in the newly free countries of the former Warsaw Pact.[10]

In 1994 he was appointed by President Clinton to the Bipartisan Commission on Entitlement and Tax Reform, which in 1995 published a unanimous report warning that the nation cannot continue to allow entitlement programs to consume a rapidly increasing share of the federal budget.[11]

Among Cox's most notable legislative successes as a Representative was the Internet Tax Freedom Act, a 1998 law prohibiting federal, state, and local government taxation of Internet access and banning Internet-only levies such as email taxes, bit taxes, and bandwidth taxes. With U.S. Rep. Barney Frank (D-MA) as his chief co-sponsor, Cox authored legislation in 1997 to privatize the National Helium Reserve, which was then $1.4 billion in debt to taxpayers. As of 2004, this was the third-largest privatization in U.S. history, surpassing the value of the 1988 Conrail privatization. Cox also wrote the only law that was enacted over President Bill Clinton's veto, the Private Securities Litigation Reform Act of 1995, aimed at protecting investors from fraudulent and extortionate lawsuits.[12]

For 10 of his 17 years in the Congress, from 1995 to 2005, Cox served in the House Majority Leadership as Chairman of the House Republican Policy Committee, the fifth-ranking elected leadership position (behind the Speaker, the Majority Leader, the Majority Whip, and the Chair of the House Republican Conference). He was Chairman of the House Committee on Homeland Security, and also Chairman of the Select Committee on U.S. National Security that produced the Cox report, an indictment of Chinese espionage and of security failures at several U.S. national laboratories.[1]

When Congress established the Bipartisan Study Group on Enhancing Multilateral Export Controls through federal legislation in 1999, Cox was tapped as co-chairman. The group published a unanimous report in 2001 recommending wholesale modernization of U.S. export controls.[13] Cox also served as Chairman of the Select Committee on Homeland Security (the predecessor to the permanent House Committee); Chairman of the Task Force on Capital Markets; and Chairman of the Task Force on Budget Process Reform.[3]

In the spring of 2001, then-Representative Cox was considered by President George W. Bush for a federal appellate judgeship on the United States Court of Appeals for the Ninth Circuit. Cox withdrew his name from consideration before a nomination could be made because one of his homestate Democratic senators, Barbara Boxer, objected to him due to his perceived conservatism [1][2]. The seat that Cox had been considered for was eventually filled by Bush nominee Carlos T. Bea.

U.S. Securities and Exchange Commission chairman

Cox was nominated by President George W. Bush to be the 28th Chairman of the United States Securities and Exchange Commission (SEC) on June 2, 2005 and unanimously confirmed by the United States Senate on July 29, 2005. He was sworn in on August 3, 2005.

Shortly after becoming SEC Chairman, he was diagnosed with thymoma, a rare form of cancer, and underwent surgery in January 2006 to remove a tumor from his chest. He is now healthy. He returned to work "after several weeks recovering from surgery," according to The Associated Press.[14]

In May 2008, Cox delivered the Commencement Address at Northeastern University in Boston, Massachusetts.[15] In April 2008 he received the University of Southern California's highest award, the Asa V. Call Achievement Award, in a ceremony at the Los Angeles Millenium Biltmore Hotel.[16]

The Housing and Economic Recovery Act of 2008, enacted in July 2008, gave Cox one of five seats on the Federal Housing Finance Oversight Board, which advises the Director of the Federal Housing Finance Agency with respect to overall strategies and policies regarding the safety and soundness of Fannie Mae, Freddie Mac, and the Federal Home Loan Banks. In September 2008, the U.S. Congress passed and President Bush signed the Emergency Economic Stabilization Act of 2008, which placed Cox on the newly established Financial Stability Oversight Board that oversees the $700 billion Troubled Assets Relief Program.

During his tenure, Cox led the Commission to write sweeping new executive compensation rules calling for companies to spell out exactly how their executives are compensated, including new information such as the lump-sum cost of retirement benefits and explanations of why specific stock option grants were approved.[17] The New York Times observed that the Commission "largely stood its ground amid pressure from compensation specialists, investor advocates, and industry groups." With more than 20,000 comment letters, Cox said, “No issue in the history of the SEC has generated such interest.”[18]

One of his first initiatives was launching a plain English effort, to eliminate legalese in investor communications in favor of clear language that let investors focus on what was important, the better to hold a company's performance up to the light of day.[19] Not only the executive compensation rules,[20] but also disclosure rules for investment advisors[21] and mutual funds -- where more than half of U.S. households had their retirement and college savings -- were subjected to the plain English requirements.[22] Under Cox the SEC wrote new rules requiring the $10.6 trillion dollar mutual fund industry to make their prospectuses easier for investors to read, understand, and access.[23]

Technological modernization of the SEC was a Cox priority throughout his tenure. He introduced new technology for investor disclosure,[24] compliance analytics,[25], nationwide investigative work sharing,[26] and management of funds recovered for investors.[27] In August 2008 he rolled out the future replacement of the SEC's forms-based disclosure database, called EDGAR, with a new interactive disclosure system using computer-tagged data in the eXtensible Business Reporting Language (XBRL).[28] The new system, named IDEA (Interactive Data - Electronic Applications), will let investors easily search, sort, and recombine information to generate reports and analysis from hundreds of thousands of companies and millions of forms.[29] Under Cox the SEC oversaw the creation of a taxonomy of over 11,000 XBRL data tags that catalog every element of U.S. Generally Accepted Accounting Principles.[30] In 2008 the Commission issued rules requiring all publicly traded companies and mutual funds in the United States to tag their financial information.[31]

Another Cox technology initiative liberalized the proxy rules to allow investors and companies to use Electronic Shareholder Forums -- virtual meeting places on the Internet to promote shareholder initiatives, conduct straw polls, apprise a company's directors of critical shareholder concerns, and inform shareholders of management's and directors' views.[32]

In 2006 the SEC launched a war against Internet financial spam, shutting down trading in companies that touted their stock by clogging investors’ in-boxes. Investor complaints about the practice fell from more than 220,000 per month in December 2006 to 70,000 per month in February 2007; Internet software and services company Symantec credited the SEC with cutting financial spam by 30 percent.[33]

Cox vigorously defended the 2002 Sarbanes-Oxley Act and resisted efforts to repeal it or scale it back legislatively.[34] The greatest source of complaint about the law during his tenure was its Section 404, which produced compliance expenses far higher than the SEC had predicted.[35] Working with the Public Company Accounting Oversight Board, the SEC under Cox replaced the auditing standard for Section 404,[36] and provided new guidance for management.[37] At Cox's direction the agency has since undertaken a nationwide cost study[38] to determine whether, as intended, the new auditing standard and management guidance have made compliance less expensive and better focused the 404 process on control elements that truly matter for companies of all sizes.[39]

In June 2007 the Commission voted unanimously to repeal the so-called "uptick rule" or "tick test."[40] The action was not controversial at the time: it was taken after an extensive multi-year study by the Office of Economic Analysis, begun in 2003 under Chairman Bill Donaldson.[41] The study found that the rule -- which had never applied on NASDAQ or to ECNs and other trading systems -- had been rendered ineffective on the NYSE due to decimalization (that is, the reduction of the "tick" increment to a penny, as compared to the 1/8 or 12½¢ that was in effect when the rule was adopted in 1938).[42] Its repeal has since become the subject of much debate, with some advocating its reinstatement. On July 15, 2008, Cox told a U.S. House hearing that the Commission was studying the potential institution of "a price test that could work with an increment of a nickel or dime" or some more meaningful amount.[43]

The particular needs of senior investors, whose ranks are growing rapidly, was a special Cox focus.[44] In April 2006, the SEC held its first “Seniors Summit,” working with AARP, the Financial Industry Regulatory Authority, the North American Securities Administrators Association, and several state regulators; the conferences are now held annually.[45] A nationwide sweep examination conducted by the SEC and authorities in seven states found that "free lunch" investment seminars, which draw large numbers of retirees, routinely involved significant fraud.[46] Many were advised to put their retirement funds into equity-indexed annuities, where they could get stock market returns while keeping their money “safe.” But neither these investments, nor the sales agents, were registered with state or federal securities regulators -- and investors were frequently unaware that it would be impossible to get their money back for as much as 15 years without paying a stiff penalty.[47] The SEC enacted rules in 2008 to protect seniors and other investors from fraudulent and abusive practices in annuities sales.[48]

During Cox's tenure the SEC significantly expanded its international activity. Between 2005 and 2008, Cox signed supervisory arrangements covering enforcement and regulatory cooperation with regulators in the United Kingdom, France, the Netherlands, Belgium, Portugal, Australia, Germany, Bulgaria, and Norway.[49] As Chairman of the International Organization of Securities Commissions' Technical Committee, he led international efforts to converge U.S. GAAP and International Financial Reporting Standards. In December 2007, the SEC adopted rules to permit foreign issuers to use IFRS without reconciliation to U.S. GAAP. And in November 2008, the SEC issued a roadmap – with clear milestones along the way – that could take U.S. public companies to mandatory adoption of IFRS as early as 2014.[50] Cox also initiated a mutual recognition process for foreign regulators, based on an assessment of whether the securities regulatory system in another country produces comparably high-quality results for investors, including in the area of enforcement.[51] In August 2008 he executed an arrangement[52] with the Australian Securities and Investments Commission under which the SEC could approve exemptions allowing Australian-registered securities exchanges to operate in the U.S. without having also to register with the SEC, and U.S. exchanges would have the same privilege in Australia.[53] As of 2008, the SEC was in mutual recognition discussions with regulators in Canada,[54] and also in preliminary discussions with the Committee of European Securities Regulators.[55]

International enforcement also stepped up considerably under Cox.[56] During 2008 the SEC made 556 requests of foreign regulators for assistance with SEC investigations, many of which were connected to potential wrongdoing in the subprime market.[57] Among the significant international cases the Commission has brought were the highly-publicized 2008 charges against Hong Kong-based insider trading in Dow Jones prior to its acquisition by News Corporation.[58] Under Cox the SEC also brought the largest number of cases in its history charging corporations and their officers with foreign bribery under the Foreign Corrupt Practices Act and imposed record penalites for these cases.[59]

Overall, enforcement was Cox's stated priority beginning in 2005[60] and throughout his chairmanship.[61] He moved quickly to settle the debate over whether it was legitimate to impose penalties on corporations, adopting a policy that made clear the SEC "isn't turning out to be the corporate-friendly place that many in the boardroom set were hoping for."[62] Within the SEC budget, as of 2008, he had increased the share devoted to enforcement to its highest level in 20 years.[63] Nonetheless, the SEC's overall appropriation was held steady during two of his budget years, first by a Republican and then a Democratic Congress, and it was increased by only 2% in a third year.[64] These sub-inflation agency budgets, combined with merit pay increases for staff, caused the total enforcement personnel to decline.[65] Critics have attacked the underfunding of the SEC and blamed Cox,[66] though Congress[67] and the administration[68] clearly share the responsibility. When the agency budget was finally increased in fiscal 2008, he increased enforcement personnel by 4%.[69]

Beginning early in his chairmanship he focused the agency's enforcement efforts on stock option backdating, an illicit practice that had been exposed after the 2002 Sarbanes-Oxley Act changed the rules regarding the reporting of stock option grants.[70] Under Cox the SEC investigated more than 160 stock option backdating cases,[71] aided by the fact that the reporting forms for stock option disclosure were among the first to be mandated in “interactive data” format.[72] Some of these cases were noteworthy for their size: in December 2007 the agency won $468 million in a settlement for stock option backdating against the former Chairman and CEO of UnitedHealth Group.[73]

Cox also aggressively used the agency's “Fair Funds” authority to distribute funds recovered from securities law violators directly to injured investors.[74] By February 2008 the SEC had returned more than $3.5 billion to wronged investors, including more than $2 billion in 2007 alone.[75] To expedite the return of the funds, cut red tape and lower costs, Cox created a new Office of Collections and Distributions.[76] A few weeks later, in May 2008, the new Office began sending more than $800 million in Fair Funds to harmed investors in American International Group, Inc. (AIG), which settled SEC charges of financial fraud.[77] In 2006 the Commission obtained a $350 million penalty from Fannie Mae after accusing it of accounting fraud; the penalty was one of the largest in Commission history.[78] The following year the Commission charged Freddie Mac with accounting fraud and recovered a $50 million penalty.[79]

As the 2008 credit crunch spread to municipal finance, the auction rate securities market froze, leaving investors without access to their cash.[80] The SEC immediately investigated the largest firms in the market and entered into settlements that are the largest in the history of the SEC, amounting to up to $30 billion to injured investors.[81]

Cox also targeted municipal securities fraud. In April 2008 the SEC charged five former San Diego city officials with securities fraud involving billions in undisclosed pension liabilities that had placed the city and taxpayers in serious financial jeopardy.[82] Throughout his chairmanship he railed against the inadequacy of disclosure to investors in municipal securities, which the SEC does not regulate,[83] and asked Congress for explicit authority for the agency to do so.[84] In December 2008, the SEC under his leadership authorized the creation of a free, Internet-accessible repository for municipal finance disclosure.[85] "With liquidity problems of municipal auction rate securities and rating downgrades of municipal bond insurers contributing to the current credit crisis, the disclosure and transparency of the municipal markets have never been more critical," he said.[86]

Although his appointed term expired in June 2009,[87] Cox planned to step down as chairman at the end of the Bush administration. He resigned as chairman of the SEC on January 20, 2009.

A Los Angeles Times analysis of his chairmanship noted it will be characterized by missing the signs that Wall Street was poised for meltdown, and that while "many observers say it isn't fair to blame him or the SEC for the widespread problems," others "are less charitable, saying Cox's long-standing support of a deregulated market and friendliness to business made him the wrong SEC chairman at the wrong time."[88] In a review of his tenure published at the time of his departure, Bloomberg News quoted Robert Hillman, who teaches securities law at the University of California, Davis,[89] as saying, "He may go down as the unluckiest of the SEC chairmen. ... He was slow to recognize the deteriorating position of brokerage firms. In that sense, he bears joint responsibility with the Secretary of the Treasury and the Federal Reserve chairman." [90]

Response to Economic crisis of 2008

Under his leadership, the SEC on September 17 and 18, 2008, imposed a variety of both permanent and emergency restrictions on short selling in response to the liquidity crisis.[91] Abusive naked short selling, in which the seller intentionally fails to deliver the shares sold short in time for settlement, was banned outright, an exception for options market makers that had been in place for several years was eliminated,[92] and a new anti-fraud provision, Rule 10b-21, was adopted to give specific enforcement authority in such cases.[93] In September 2008, short selling of 799 financial stocks was temporarily curtailed[94] in response to rumors accompanied by heightened short selling activity in the shares of major financial institutions.

On September 18, 2008, the same day that these corrective measures went into effect, Republican presidential candidate John McCain lashed out at Cox for failing to rein in short selling and said if he were president he would fire him.[95] McCain immediately came under fire for the critical remark,[96] in which the Obama campaign pointedly refused to join,[97] with the Wall Street Journal editorializing that McCain had made a "false and deeply unfair" attack on Cox that was "unpresidential,"[98] USA Today calling it "erratic,"[99] and columnist George Will terming it evidence that McCain was "behaving like a flustered rookie playing in a league too high."[100] On national television in the first debate with Obama, McCain himself acknowledged that he had been "heavily criticized" for calling for Cox's removal.[101] Other media observers criticized McCain for failing to realize that the SEC is an independent agency and its Chairman cannot be fired by the President[102]. As the campaign reaction to McCain's "erratic" behavior[103] in the economic crisis continued[104] the McCain campaign began to compliment the SEC for finally responding to the crisis.[105]

In response, Cox said, "[N]ow is not the time for those of us in the trenches to be distracted by the ebb and flow of the current election campaign.... The best response to political jabs like this is simply to put your head down and not lose a step doing the best job you can possibly do on behalf of those you serve."[106]

On September 26, 2008, Cox ended the 2004 program for voluntary regulation of investment bank holding companies, begun under SEC Chairman Bill Donaldson and then-Director of Market Regulation (later SEC Commissioner) Annette Nazareth. The program "was fundamentally flawed from the beginning, because investment banks could opt in or out of supervision voluntarily," Cox said.[107] A critical report by the SEC inspector general that evaluated the program in light of the Bear Stearns near-failure in March 2008 found that while "Bear Stearns was compliant with the capital and liquidity requirements" at the time of its acquisition, "its collapse raises serious questions about the adequacy of these requirements." However, according to the Inspector General, his report "did not include a determination of the cause of Bear Stearns' collapse" or determine "whether any of these issues directly contributed to Bear Stearns' collapse." On that subject, the report stated, "we have no evidence linking these significant deficiencies with the cause of Bear Stearns' collapse." [108]. Cox criticized the oversight program on the ground that the SEC could not force large investment banks such as Goldman Sachs, Morgan Stanley, Merrill Lynch, Lehman Brothers and Bear Stearns to report their capital, maintain liquidity or submit to leverage requirements as bank regulators could do with bank holding companies. In testimony before Congress on several occasions in 2008, he asked for statutory authority to regulate investment bank holding companies.[109]

In addition to the fact that the Gramm-Leach-Bliley Act did not give the SEC the authority to regulate large investment bank holding companies, Cox noted that investors were vulnerable to other regulatory gaps such as the fact that the $60 trillion market for credit default swaps is completely unregulated. "Neither the SEC nor any regulator has authority even to require minimum disclosure," he said.[110] In testimony and public statements he has urged Congress to enact remedial legislation.[111]

Cox said that during the buildup of the credit crisis, when the credit rating agencies were still unregulated, they gave top credit ratings to financial instruments which packaged risky loans and spread the negative impacts of the credit crisis more broadly throughout the markets.[112] Following the first-time SEC registration of the credit rating agencies in September 2007 under newly enacted legislative authority, he ordered a 10-month examination of the three major rating agencies that uncovered significant weaknesses in their ratings practices for mortgage-backed securities and that called into question the impartiality of their ratings. The results were reported to Congress in July 2008.[113] The SEC immediately commenced a rulemaking which concluded on December 3, 2008 with approval of a series of measures to regulate the conflicts of interests, disclosures, internal policies, and business practices of credit rating agencies. The regulations are intended to ensure that firms provide more meaningful ratings and greater disclosure to investors concerning collateralized debt obligations and residential mortgage-backed securities.[114]

In an interview with the Washington Post in late December 2008, Cox said, "What we have done in this current turmoil is stay calm, which has been our greatest contribution -- not being impulsive, not changing the rules willy-nilly, but going through a very professional and orderly process that takes into account unintended consequences and gives ample notice to market participants." Cox said the Commission's decision to impose a three-week ban on short selling of financial company stocks was taken reluctantly, but that the view at the time, including from Treasury Secretary Henry M. Paulson and Federal Reserve chairman Ben S. Bernanke, was that "if we did not act and act at that instant, these financial institutions could fail as a result and there would be nothing left to save." He said that agreeing to the three-week ban on shorting of financial stocks was the biggest mistake of his tenure. [115] In a December 2008 interview with Reuters, he explained that the SEC's Office of Economic Analysis was still evaluating data from the temporary ban, and that preliminary findings point to several unintended market consequences and side effects. "While the actual effects of this temporary action will not be fully understood for many more months, if not years," he said, "knowing what we know now, I believe on balance the Commission would not do it again."[116]

In late December 2008, following the filing of SEC charges against notorious New York investment advisor Bernard Madoff alleging a $50 billion fraud, Cox stated that he was "gravely concerned" that "specific and credible evidence" provided to the agency over a period of at least 10 years had not previously been referred to the Commission for commencement of a formal investigation. He ordered an internal investigation by the agency's Inspector General.[117] According to Bloomberg News, investigators have since found evidence of Madoff's misconduct stretching back to at least the 1970s.[118]

References

  1. ^ a b c Biographical Directory of the United States Congress
  2. ^ "USC College Alumnus Wins Asa V. Call Achievement Award," USC News, April 2008.
  3. ^ a b c d Official SEC Biography: Chairman Christopher Cox
  4. ^ a b Fortune, "The Stock Cop", Dec. 26, 2005
  5. ^ Frager, Stanley R., "The Champion Within You: How to Overcome Problems, Obstacles, and Adversity in Your Life," Champion Press 1998, at 41-42.
  6. ^ Congressional Quarterly, "Politics in America", 1990 edition, Christopher Cox, CA 40th District.
  7. ^ "Full Disclosure from SEC Chair," by Pamela Johnson, USC News, March 2007.
  8. ^ Congressional Record, House of Representatives, February 13, 1997, Page: H568.
  9. ^ Magazine, "Cox Reports," August-September 1999, by Michael W. Lynch and Jeff A. Taylor.
  10. ^ Living Large in the Circle City, August 23, 2008.
  11. ^ United States: Bipartisan Commission on Entitlement and Tax Reform. Final report; with reform proposals and additional views of commissioners, J. Robert Kerrey and John C. Danforth, co-chairs. Washington, DC : Supt. of Docs. (1995), Library of Congress Control Number 95143407.
  12. ^ See Wikipedia entry describing provisions of legislation and veto override at Private Securities Litigation Reform Act.
  13. ^ http://www.stimson.org/exportcontrol/pdf/finalreport.pdf
  14. ^ 'SEC's Cox says feeling better after surgery,', Reuters, February 27, 2006; 'Christopher Cox Returns to Work at SEC', NY State Society of CPAs News Staff, Feb. 1, 2006; Duncan Currie, "Unmasking Chris Cox," The American, March/April 2007.
  15. ^ Text of Speech by SEC Chairman: Northeastern University Commencement Address, TD Banknorth Garden, Boston, Massachusetts, May 2, 2008.
  16. ^ USC Alumni Association 75th Alumni Awards, Tribute Video for Asa V. Call Award Winner Christopher Cox
  17. ^ 17 CFR Parts 228, 229, 232, 239, 240, 245, 249 and 274, http://www.sec.gov/rules/final/2006/33-8732a.pdf
  18. ^ 'Pay Rules Adopted by SEC,' New York Times, July 27, 2006, p. C1, http://www.nytimes.com/2006/07/27/business/27pay.html?fta=y
  19. ^ http://www.sec.gov/news/speech/2007/spch101207cc.htm
  20. ^ "SEC's Cox Wants 'Plain English' In Pay Disclosures,' Washington Post, March 9, 2007, p. D3, http://www.washingtonpost.com/wp-dyn/content/article/2007/03/08/AR2007030802088.html ; "US SEC's Cox seeks plain English on CEO pay data," Reuters, March 8, 2007, by Karey Wutkowski, http://www.reuters.com/article/governmentFilingsNews/idUSN0827967520070308
  21. ^ Release No. IA-2711; 34-57419, Amendments to Form ADV, http://www.sec.gov/rules/proposed/2008/ia-2711.pdf
  22. ^ "SEC Votes to Propose Improvement of Mutual Fund Disclosure," http://www.sec.gov/news/press/2007/2007-234.htm
  23. ^ Release No. 33-881, Enhanced Disclosure and New Prospectus Delivery Option for Registered Open-End Management Investment Companies, http://www.sec.gov/rules/proposed/2007/33-8861.pdf
  24. ^ Spotlight on Interactive Data Electronic Applications, http://www.sec.gov/spotlight/idea.shtml
  25. ^ According to the SEC 2008 Annual Report, "The Risk Assessment Database for Analysis and Reporting (RADAR) automates [the] risk assessment and mapping process [to] identify and respond quickly to new or resurgent forms of fraudulent, illegal, or questionable behavior or products. Using RADAR, examiners nationwide can identify and prioritize risks to investors, registrants, and markets, which the SEC analyzes to determine examination priorities and develop appropriate regulatory responses." 2008 Performance and Accountability Report, http://www.sec.gov/about/secpar/secpar2008.pdf#sec1
  26. ^ SEC Chairman Christopher Cox, Remarks Introducing 'The Hub,' Dec. 4, 2007, http://www.sec.gov/news/speech/2007/spch120407cc.htm
  27. ^ "Phoenix [is] our updated software system that will track every disgorgement, penalty, and other monies owed to the SEC and to investors." Speech by SEC Chairman: 'The SEC Agenda for 2008,' http://www.sec.gov/news/speech/2008/spch020808cc.htm
  28. ^ "SEC Announces Successor To EDGAR Database," Aug. 19, 2008, http://sec.gov/news/press/2008/2008-179.htm
  29. ^ "SEC Introduces IDEA," ZDNet, August 19th, 2008, http://blogs.zdnet.com/Howlett/?p=461
  30. ^ "GAAP Goes Interactive," CFO.com, Sept. 25, 2007, http://www.cfo.com/article.cfm/9859282?f=rsspage
  31. ^ "SEC Approves Interactive Data for Financial Reporting by Public Companies, Mutual Funds," http://www.sec.gov/news/press/2008/2008-300.htm
  32. ^ 17 CFR Part 240, Electronic Shareholder Forums, SEC Release No. 34-57172; http://www.sec.gov/rules/final/2008/34-57172.pdf
  33. ^ "SEC suspends trading of firms susceptible to stock spam," PC World, October 4, 2007, http://pcworld.about.com/od/businesscenter/SEC-suspends-trading-of-firms.htm ; "SEC Takes Another Bite Out of E-Mail Spam With Three More Trading Suspensions; SEC's Anti-Spam Initiative Credited with Significant Reduction in Financial Spam," http://404.gov/news/press/2007/2007-212.htm
  34. ^ "SEC Chairman Defends Sarbanes-Oxley," MarketWatch, Sept. 19, 2006, http://www.marketwatch.com/News/Story/Story.aspx?guid={FE9B5509-4F1C-4C78-B3A5-7B42992335BE}&dist=rss&siteid=mktw&rss=1 ; "SEC's Cox Says He Opposes Weakening Sarbanes-Oxley," Bloomberg News, March 14, 2007, http://www.bloomberg.com/apps/news?pid=20601087&sid=aVWspn9IjJTQ&refer=home ; "SEC Chair Cox Defends Sarbanes-Oxley," CBS MarketWatch, March 14, 2007, http://www.accessmylibrary.com/coms2/summary_0286-29980783_ITM
  35. ^ "FEI Survey: SOX 404 Compliance Costs Up 39 percent," March 21, 2005, http://www.insidesarbanesoxley.com/sarbanes_oxley_blog/2005/03/fei-survey-sox-404-compliance-costs-up.asp
  36. ^ "SEC Approves PCAOB Auditing Standard No. 5 Regarding Audits of Internal Control Over Financial Reporting; Adopts Definition of "Significant Deficiency," http://www.sec.gov/news/press/2007/2007-144.htm
  37. ^ "SEC Approves New Guidance for Compliance with Section 404 of Sarbanes-Oxley," May 23, 2007, http://www.sec.gov/news/press/2007/2007-101.htm
  38. ^ "SEC Begins Small Business Cost-Benefit Study Of Section 404 Of The Sarbanes-Oxley Act," July 1, 2008, http://securities.stanford.edu/news-archive/2008/20080701_Headline107388_Group.html
  39. ^ "SEC Commissioners Endorse Improved Sarbanes-Oxley Implementation To Ease Smaller Company Burdens, Focusing Effort On 'What Truly Matters," http://www.sec.gov/news/press/2007/2007-62.htm
  40. ^ "SEC Votes on Regulation SHO Amendments and Proposals; Also Votes to Eliminate 'Tick' Test," http://www.sec.gov/news/press/2007/2007-114.htm
  41. ^ "SEC proposes changes to short selling rules," Hedge Week, Oct. 24, 2003, http://www.hedgeweek.com/articles/detail.jsp?content_id=9293
  42. ^ Release No. 34-55970: Regulation SHO and Rule 10a-1, http://www.sec.gov/rules/final/2007/34-55970.pdf
  43. ^ "Systemic Risk and the Financial Markets," Hearing Before the Committee on Financial Services, U.S. House of Representatives, July 24, 2008, http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=110_house_hearings&docid=f:44903.pdf
  44. ^ Address to the AARP National Convention, "Life at Fifty-Plus," http://404.gov/news/speech/2007/spch090607cc.htm
  45. ^ "SEC Seniors Summit to Help Securities Firms and Professionals Better Serve Older Investors," http://www.sec.gov/news/press/2008/2008-207.htm
  46. ^ "Investment Pitches Prey On Elderly; Vulnerable Group Ensnared By Salesmen, Officials Say," Washington Post, September 5, 2007, Page A1, http://www.washingtonpost.com/wp-dyn/content/article/2007/09/04/AR2007090402281.html ; "'Free Lunch' Investment Seminar Examinations Uncover Widespread Problems, Perils for Older Investors," http://www.sec.gov/news/press/2007/2007-179.htm
  47. ^ Statement at Open Meeting on Equity Indexed Annuities, http://www.sec.gov/news/speech/2008/spch062508cc_annuity.htm
  48. ^ "SEC Improves Protections for Seniors and Other Investors in Equity-Indexed Annuities," http://www.sec.gov/news/press/2008/2008-298.htm
  49. ^ SEC 2008 Annual Report, http://www.sec.gov/about/secpar/secpar2008.pdf#sec1
  50. ^ Speech by SEC Chairman: "Proposing a Roadmap Toward IFRS," http://www.sec.gov/news/speech/2008/spch082708cc_ifrs.htm
  51. ^ SEC Announces Next Steps for Implementation of Mutual Recognition Concept, Mar. 24, 2008, http://sec.gov/news/press/2008/2008-49.htm
  52. ^ Memorandum of Understanding Concerning Consultation, Cooperation and the Exchange of Information Relatad to the Enforcement of Securities Laws, 25 August 2008, http://www.sec.gov/about/offices/oia/oia_mututal_recognition/australia/enhanced_enforcement_mou.pdf
  53. ^ SEC, Australian Authorities Sign Mutual Recognition Agreement, Aug. 25, 2008, http://www.sec.gov/news/press/2008/2008-182.htm
  54. ^ "SEC Moves Closer to Mutual Recognition," CCH Wall Street, July 7, 2008, http://www1.cchwallstreet.com/ws-portal/content/news/container.jsp?fn=07-07-08
  55. ^ Statement of the European Commission and the U.S. Securities and Exchange Commission on Mutual Recognition in Securities Markets, Feb. 1, 2008, http://www.sec.gov/news/press/2008/2008-9.htm
  56. ^ "SEC Boosts Enforcement Budget," CCH Wall Street, Dec. 10, 2008, http://www1.cchwallstreet.com/ws-portal/content/news/container.jsp?fn=12-10-08
  57. ^ Speech by SEC Chairman: "The Importance of International Enforcement Cooperation in Today's Markets," http://www.sec.gov/news/speech/2008/spch110708cc.htm
  58. ^ "SEC Charges Former Dow Jones Board Member, Three Other Hong Kong Residents in $24 Million Insider Trading Settlement," http://www.sec.gov/news/press/2008/2008-11.htm
  59. ^ "2007 Year-End FCPA Update," Gibson, Dunn & Crutcher Publication, January 4, 2008, http://www.gibsondunn.com/publications/pages/2007Year-EndFCPAUpdate.aspx
  60. ^ "Cox: SEC to Keep Investors First," Associated Press, Nov. 12, 2005, http://www.sptimes.com/2005/11/12/news_pf/Business/Cox__SEC_to_keep_inve.shtml
  61. ^ Speech by SEC Chairman: "Opening Remarks to the Practising Law Institute's SEC Speaks Series," http://www.sec.gov/news/speech/2007/spch020907cc.htm
  62. ^ "No Slack At Cox's SEC," Business Week, Jan. 5, 2006, http://www.businessweek.com/bwdaily/dnflash/jan2006/nf2006015_7863_db038.htm
  63. ^ Message from the Chairman, SEC 2008 Annual Report, p. 3, http://www.sec.gov/about/secpar/secpar2008.pdf#sec1
  64. ^ SEC Fiscal Year 2009 Appropriations Request, April 16, 2008, http://www.sec.gov/news/testimony/2008/ts041608cc.htm
  65. ^ "SEC Enforcement Cases Decline 9%; Staff Reduced Because of Budget Crunch," Washington Post, Nov. 3, 2006, p. D3, http://www.washingtonpost.com/wp-dyn/content/article/2006/11/02/AR2006110201701.html
  66. ^ "SEC Chief Missed the Boat at Budget Hearing," Investment News, April 2, 2007, http://www.investmentnews.com/apps/pbcs.dll/article?AID=/20070402/FREE/70330026/1003/EDITORIAL
  67. ^ "Some in Congress Worried About Meager Increase in SEC Proposed Budget," Investment News, May 19, 2008, http://www.investmentnews.com/apps/pbcs.dll/article?AID=/20080519/REG/146014631/1009/rss01&rssfeed=rss01
  68. ^ "Bush Puts SEC Budget on a Diet," CFO.com, Feb. 6, 2007, http://www.cfo.com/article.cfm/8657849/2/c_2984347?f=related
  69. ^ Message from the Chairman, SEC 2008 Annual Report, p. 3, http://www.sec.gov/about/secpar/secpar2008.pdf#sec1
  70. ^ "Backdated Options, Future Rules?," Business Week, May 23, 2006, http://www.businessweek.com/investing/content/may2006/pi20060523_848601.htm
  71. ^ "SEC Aims to End Backdating Cases in `Short Order' Thomsen Says," Bloomberg News, Jan. 25, 2008, http://www.bloomberg.com/apps/news?pid=20601087&sid=avxEFbA2CFfs&refer=home
  72. ^ Susan M. Brunka, "XBRL and the SEC: How the Commission Uses Interactive Data to Investigate Illegal Stock Options Backdating and What Interactive Data Means for the Future of Federal Securities Law Enforcement," 44 Cal. Western L. Rev. 87 (2008), http://www.cwsl.edu/content/journals/Brunka.pdf
  73. ^ "Former UnitedHealth Group CEO/Chairman Settles Stock Options Backdating Case for $468 Million," http://www.sec.gov/news/press/2007/2007-255.htm
  74. ^ "SEC Chairman Cox Announces Creation of New Office, Appointment of Leaders, to Expedite Distribution of Billions to Injured Investors," Feb. 5, 2008, http://www.sec.gov/news/press/2008/2008-12.htm
  75. ^ "SEC Forms Office to Pay Back Wronged Investors," Reuters, Feb. 5, 2008, http://www.reuters.com/article/ousiv/idUSN0543785220080205
  76. ^ "SEC to Focus on Returning Funds to Victims of Stock Fraud," Associated Press, May 17, 2007, http://www.cnbc.com/id/18721008
  77. ^ "SEC Announces Start of Distribution Process in AIG Settlement; Court Approves Distribution Plan for $800 Million Fair Fund," SEC News Digest, May 5, 2008, http://sec.gov/news/digest/2008/dig050508.htm
  78. ^ "SEC Distributes $356 Million To Defrauded Fannie Mae Investors," UC Daily News, Oct. 20, 2007, http://www.ucdailynews.com/news/consumer/10691261.html
  79. ^ "Freddie Mac, Four Former Executives Settle SEC Action Relating to Multi-Billion Dollar Accounting Fraud," http://www.sec.gov/news/press/2007/2007-205.htm
  80. ^ "Liquidating Frozen Auction-Rates," CFO.com, April 29, 2008, http://www.cfo.com/article.cfm/11286699/c_11286965?f=home_todayinfinance
  81. ^ "SEC Finalizes $30 Billion ARS Settlements, Largest in SEC History," Securities Docket, Dec. 11, 2008, http://www.securitiesdocket.com/2008/12/11/sec-finalizes-30-billion-ars-settlements-largest-in-sec-history/
  82. ^ "SEC Charges Five Former San Diego Officials with Securities Fraud," http://www.sec.gov/news/press/2008/2008-57.htm
  83. ^ Speech by SEC Chairman: "Integrity in the Municipal Market," July 18, 2007, http://www.sec.gov/news/speech/2007/spch071807cc.htm
  84. ^ "SEC Inches Toward More Authority Over Munis; Will Chairman Cox, Before His Term Ends This Year, Get His Wish to Make Municipalities Follow Financial-Reporting Rules Similar to Those Governing Corporations?," CFO.com, April 16, 2008, http://www.cfo.com/article.cfm/11046958/c_11049635?f=home_todayinfinance
  85. ^ "SEC Provides More Transparency on Municipal Securities; MSRB’s online portal will provide instant data," http://www.investmentadvisor.com/news/2008/12/Pages/SEC-Provides-More-Transparency-on-Municipal-Securities-.aspx
  86. ^ "SEC, MSRB: New Measures to Provide More Transparency Than Ever Before for Municipal Bond Investors," http://www.sec.gov/news/press/2008/2008-286.htm
  87. ^ "US Senate to redo SEC chief's confirmation," Reuters, Jan. 26, 2009, http://www.forbes.com/feeds/reuters/2009/01/26/2009-01-26T221748Z_01_N26406752_RTRIDST_0_SEC-CONGRESS-UPDATE-1.html
  88. ^ "An ironic twist in the tale of SEC's Christopher Cox," LA Times, January 30, 2009, http://www.latimes.com/news/local/la-me-parsons30-2009jan30,0,3244574.column?track=rss
  89. ^ Robert W. Hillman UCDavis bio
  90. ^ "Cox Quits at SEC, Leaves Schapiro to Restore Clout (Update2)" Bloomberg News, by Jesse Westbrook. Last Updated: January 21, 2009 20:31 EST. Retrieved 2-1-09.
  91. ^ http://www.sec.gov/news/press/2008/2008-235.htm
  92. ^ http://www.sec.gov/rules/final/2008/34-58775.pdf
  93. ^ http://www.sec.gov/rules/final/2008/34-58774.pdf
  94. ^ http://www.sec.gov/news/press/2008/2008-235.htm
  95. ^ The full text of McCain's statement is at http://online.wsj.com/article/SB122178318884054675.html?mod=special_page_campaign2008_mostpop
  96. ^ "ABC Panel Tears into McCain on the Economy," by Sam Stein, Huffington Post, September 22, 2008, http://www.alternet.org/blogs/video/99758/abc_panel_tears_into_mccain_on_the_economy/
  97. ^ "Obama camp calls McCain 'erratic'," by Ben Smith and Glenn Thrush, Politico, September 26, 2008, http://dyn.politico.com/printstory.cfm?uuid=9C50B6DD-18FE-70B2-A83260A4094BC22F
  98. ^ http://online.wsj.com/article/SB122178318884054675.html
  99. ^ "From McCain, Erratic Response to Crisis," USA Today, Sept. 19, 2008, http://blogs.usatoday.com/oped/2008/09/from-mccain-an.html
  100. ^ http://jewishworldreview.com/cols/will092308.php3
  101. ^ http://elections.nytimes.com/2008/president/debates/transcripts/first-presidential-debate.html
  102. ^ http://blogs.abcnews.com/politicalradar/2008/09/mccain-blasts-o.html
  103. ^ http://www.politico.com/news/stories/1008/14283.html
  104. ^ "McCain and the Zig-Zag Express - In the Crisis, the GOP Candidate Has Swerved All Over the Road," Newsweek, Sept. 19, 2008, http://www.newsweek.com/id/159883; "Erratic McCain Parachutes Into Enemy Territory," Joseph Romm, The Huffington Post, September 25, 2008, http://www.huffingtonpost.com/joseph-romm/erratic-mccain-parachutes_b_129259.html,
  105. ^ http://www.easybourse.com/bourse-actualite/marches/2nd-updatesec-fasb-offer-guidance-on-fair-value-accounting-531851
  106. ^ http://www.sec.gov/news/press/2008/2008-210.htm
  107. ^ http://www.sec.gov/news/press/2008/2008-230.htm
  108. ^ http://www.sec.gov/about/oig/audit/2008/446-a.pdf ; http://www.washingtonpost.com/wp-dyn/content/article/2008/09/26/AR2008092603489.html?hpid=topnews
  109. ^ http://www.sec.gov/news/testimony/2008/ts092308cc.htm ; http://www.sec.gov/news/testimony/2008/ts102308cc.htm
  110. ^ http://www.sec.gov/news/press/2008/2008-230.htm
  111. ^ http://www.sec.gov/news/speech/2008/spch101808cc.htm
  112. ^ Statement at Open Meeting on Credit Rating Agency Reforms, http://www.sec.gov/news/speech/2008/spch120308cc.htm
  113. ^ Summary Report of Issues Identified in the Commission Staff’s Examinations of Select Credit Rating Agencies, http://www.sec.gov/news/studies/2008/craexamination070808.pdf
  114. ^ SEC Open Meeting: Final Rules and Proposed Rules Implementing the Credit Rating Agency Reform Act, http://www.sec.gov/news/speech/2008/spch120308ers.htm
  115. ^ http://www.washingtonpost.com/wp-dyn/content/article/2008/12/23/AR2008122302765.html?sid=ST2008122302866&s_pos=
  116. ^ http://www.reuters.com/article/ousivMolt/idUSTRE4BU3FL20081231
  117. ^ Statement Regarding Madoff Investigation, Dec. 16, 2008, http://www.sec.gov/news/press/2008/2008-297.htm
  118. ^ "Bernard Madoff’s Misconduct Said to Date to 1970s," Bloomberg News, Dec. 19, 2008, http://www.bloomberg.com/apps/news?pid=20601170&sid=a.47mLdmtFTE
Congressional
U.S. House of Representatives

Template:USRepSuccession box Template:USRepSuccession box Template:USRepSuccession box

Political offices
Preceded by
Committee created
 Chairman of House Homeland Security Committee
2003–2005 		Succeeded by
Peter King
New York
Government offices
Preceded by Chairman of the Securities and Exchange Commission
2005– 		Succeeded by
Incumbent
Retrieved from "https://en.wikipedia.org/w/index.php?title=Christopher_Cox&oldid=272656022"