WEST PALM BEACH, FL (www.hedgeco.net) – The new nominee for the Securities and Exchange Commission, Rep. Christopher Cox, will be facing tough questions on Tuesday before the Senate confirmationpanel according to news reports. Cox will face questions on stock options accounting, and his records when he was a private sector lawyer according to congressional aides. He will also answer otherquestions such as the mutual fund governance issues and the hedge fund industry regulation which has become the hallmark of former chairman William Donaldson�s tenure.
But analysts believe that Mr. Cox�s confirmation may be overshadowed by the discussions of the new Bush administration choice for the Supreme Court. It is also expected that the two Democratic SEC nominees incumbent SEC Commissioner Roel Campos and SEC staff member Annette Nazareth will also face tough questions before the senatorial banking committee panel before the full Senate considers their recommendations.
President Bush nominated Cox last month following the resignation of William Donaldson. It is anticipated that all three nominees will be confirmed, baring a damaging bombshell on any of the nominees. Cox, a free market conservative, has been strongly endorsed by the republicans as well as several industry associations and groups. But a public rights consumer group has criticized his nomination by saying that his anti-investor record should disqualify him from holding such position.
Jesse Jacobs, spokesman for Maryland Senator Paul Sarbanes, senior committee Democrat said, �All three candidates may be confirmed barring any controversy.� Jacobs said, �The three could be confirmed by the (banking) committee and the full Senate before the Senate summer recess.�
Paul Oranika
Editor-in-Chief
HedgeCo.Net
Email: Editor@hedgeco.net
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