Bush Taps Rep. Cox For SEC Post

California Conservative Is Bush Choice To Lead SEC

(CBS/AP)  President Bush on Thursday named conservative Rep. Christopher Cox to lead the Securities and Exchange Commission. Cox would succeed William Donaldson, who announced the day before he was stepping down after 28 months on the job.

With Cox at his side at a White House ceremony, Mr. Bush called the lawmaker "a champion of the free enterprise system in Congress. ... 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 Congress for 16 years.

Mr. Bush also had kind words for Donaldson, a former Wall Street official whom the president picked to restore investor confidence after a wave of corporate scandals. Donaldson "has done an exceptional job," Mr. Bush said, noting that he "took this post as our economy was faced with a crisis in investment."

Mr. Bush said Cox is "the right man to carry on this job."

Donaldson's aggressive regulation antagonized some business leaders and their allies in the administration and on Capitol Hill.

Still, Mr. Bush said that Cox would continue to press for forceful regulation.

"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," he said.

He called on the Senate to confirm Cox "at the earliest possible moment."

For his part, Cox said he was "deeply honored" by the president's faith in him.

The laws enforced by the SEC have given the United States "the most dynamic and vibrant capital markets in the world," Cox said. He vowed to stand up for "clear and consistently enforced rules" if confirmed by the Senate.

Cox, who most recently served as the chairman of the Homeland Security Committee in the House, appeared in the Roosevelt Room ceremony with his wife, Rebecca, and two sons and a daughter.