Bush nominates new SEC chairman

The Xinhua News Agency
June 10, 2005

WASHINGTON, June 2 (Xinhuanet) -- US President George W. Bush said on Thursday that he has named California Republican congressman Christopher Cox to head the Securities and Exchange Commission (SEC).

The nomination came one day after the announcement of resignation by current US SEC Chairman William Donaldson. Donaldson said on Wednesday that he will resign from the agency on June 30 after taking the post for less than two and an half years.

Bush said at a White House ceremony that Cox is "a champion of the free enterprise system in Congress" and " He'll be an outstanding leader of the SEC."

Cox, 52, a member of the House Republican leadership, has a wide-ranging background, from foreign policy and economic issues to homeland security. He has represented California in the US Congress for 16 years.

"I've given Chris a clear mission: to continue to strengthen the public trust in our markets so the American economy can continue to grow and create jobs,' Bush said. He called on the US Senate to confirm Cox "at the earliest possible date."

President Bush also said that Donaldson "has done an exceptional job," noting that he "took this post as our economy was faced with a crisis in investment."

Donaldson took the post of US SEC chairman in February, 2003, after a series of huge accounting scandals in some big US companies which resulted in the plunge of investment confidence and stock market in the United States in 2002.

Copyright © 2005 Xinhua News Agency.

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