WEST PALM BEACH, FL (www.hedgeco.net) – With his wife Rebecca standing right next to him, the Federal Reserve Chairman, Alan Greenspan, swore in Christopher Cox as the 28th SEC Chairman. Chairman Coxsaid, “It is an honor to lead the Securities and Exchange Commission, and to be sworn in by so wise and able a champion of America’s capital markets, in his 18 years of service, Chairman Greenspanhas been a great friend to investors through his focus on healthy, growing capital markets and the importance of personal savings.”
President Bush nominated Chairman Cox on June 2, 2005, to replace the retired SEC Chairman William Donaldson. The Senate unanimously confirmed Cox on July 29, 2005. He has been serving in the House of Representatives for the past 10 years. Most recently, Cox was the chairman of the House Committee on Homeland Security.
Mr. Cox�s confirmation marked the beginning of a new era for the SEC, bringing to an end the era of William Donaldson, marked by aggressive enforcement action, which also saw the passage of new Hedge Fund laws for the U.S. hedge fund establishment. The SEC under Donaldson also passed new laws for the U.S. mutual fund industry. While Donaldson won many praises in some quarters, others criticized his iron fisted approach which he used in regulating the financial markets.
Both laws passed under him for the mutual fund and hedge fund industries are being challenged in the US courts. The final destiny of those laws may not be known soon even as their implementation deadlines draw nearer. Chairman Cox began his tenure today with an address of the SEC staff in the SEC�s auditorium.
Paul Oranika
Editor-in-Chief
HedgeCo.Net
Email: Editor@hedgeco.net
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