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Skriven 2005-06-02 23:33:04 av Whitehouse Press (1:3634/12.0)
Ärende: Press Release (0506024) for Thu, 2005 Jun 2
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President Nominates Congressman Chris Cox as SEC Chairman
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For Immediate Release
Office of the Press Secretary
June 2, 2005

President Nominates Congressman Chris Cox as SEC Chairman
The Roosevelt Room

President's Remarks
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10:24 A.M. EDT

THE PRESIDENT: Good morning. I'm pleased to announce my nomination of
Congressman Chris Cox of California as our next Chairman of the Securities
and Exchange Commission. As a champion of the free enterprise system in
Congress, Chris Cox knows that a free economy is built on trust. In the
years ahead, Chris will vigorously enforce the rules and laws that
guarantee honesty and transparency in our markets and corporate boardrooms.
He will be an outstanding leader of the SEC.

Today the American economy is the envy of the world. Our economy is growing
faster than that of any other industrialized country. We have added over
3.5 million new jobs during the last two years. The unemployment rate is
down to 5.2 percent. More Americans are working today than ever before,
small businesses are flourishing, families are taking home more of what
they earn. To maintain the confidence that is the cornerstone of our
economic system, we must ensure the honesty of American business, and the
integrity of the capital markets and stock exchanges. Investors must have
confidence that the information they use to make their investment decisions
is fair and accurate.

The Securities and Exchange Commission is the primary federal agency that
performs this essential function. The SEC investigates corporate fraud and
holds guilty parties responsible when they mislead shareholders and
employees.

For more than two years, Bill Donaldson has done an exceptional job as SEC
Chairman. Bill took this post at a time when our economy was faced with a
crisis in investor confidence. Under his leadership, the SEC vigorously
responded to corporate corruption. The commission filed more than 1,700
enforcement actions under Bill Donaldson's chairmanship -- a significant
increase from previous years. And the SEC has helped implement the
Sarbanes-Oxley Act -- the most far-reaching reform of American business
practices since the time of Franklin Roosevelt. The agency also responded
swiftly to the mutual fund abuses that came to light nearly two years ago,
enhancing disclosure to mutual fund shareholders.

Bill Donaldson has set high standards for American business and the SEC,
and Chris Cox is the right man to carry on this important work.

For more than a decade and a half, Chris has been a superb representative
for the 48th district of California. His achievements range from national
security to tax reform. As the first Chairman of the House Committee on
Homeland Security, Chris Cox helped coordinate efforts between the federal
agencies and Congress to better protect our country against terrorist
attacks. He worked effectively with members of both parties to get more
than a dozen of his bills passed into law, including a law protecting
investors from abusive lawsuits and a ban on Internet commerce taxes. Four
years ago, I signed into law a bill that helps American families by phasing
out the death tax. The drive to end the death tax was the product of an
effort that Chris Cox helped lead for nearly a decade.

Chris understands how markets work, and he knows the need for transparency
in financial exchanges and in the halls of business. He proved that he can
bring people together of diverse opinions to get things done. That kind of
leadership will be invaluable as the chairman of the SEC.

I've given Chris a clear mission: To continue to strengthen public trust in
our markets so the American economy can continue to grow and create jobs.
The nation is increasingly a nation of stock holders. A generation ago,
only a small percentage of American families invested in stocks and bonds.
Today, more than half of households are investing -- for their families and
for their futures. Now more than ever, we must make sure Americans can rely
upon the integrity of our markets.

Chris Cox is a good man to have taken on this job, and he'll do a fine job
on behalf of the American people. He brings with him a unique combination
of skills and expertise: He graduated with honors from Harvard Law School
and Harvard Business School, he worked as a security lawyer for nearly a
decade, he taught tax law, he served in President Reagan's White House, and
was elected to Congress.

I thank Chris for his willingness to serve our country in another important
position at an important time for our nation. I am grateful to his wife,
Rebecca, and their three children, Charles, Katie and Kevin. I call on the
Senate to confirm his nomination at the earliest possible date.
Congratulations.

CONGRESSMAN COX: Thank you, Mr. President. Thank you very much.

Mr. President, I want to thank you very much on behalf of my wife, Rebecca,
and Charles, Katie and Kevin, who you were so nice to acknowledge. This is
a big day because Charles, Katie and Kevin don't have to go to school this
morning. (Laughter.) As we were walking into the Cabinet Room, I told my
six-year-old son, Kevin, that the President of the United States used to
own -- and he said, the Texas Rangers. (Laughter.)

Mr. President, should the United States Senate confirm me, I will be deeply
honored to serve our country as the Chairman of the Securities and Exchange
Commission. It will be a special honor, if confirmed, to follow in the
footsteps of Bill Donaldson, who has served the Commission and our country
with honor and distinction.

The rule of law that the SEC enforces has given America the most dynamic
and vibrant capital markets in the world. The unprecedented sharing of
information about every productive part of our free enterprise economy is
only made possible by clear and consistently enforced rules. And those
rules have to govern every market participant equally -- big and small. In
this amazing world of instant global communications, the free and efficient
movement of capital is helping to create the greatest prosperity in human
history. The natural enemies of this economic marvel are fraud and unfair
dealing. Congress and your administration, Mr. President, have both done
their part to strengthen the laws that protect investors and our financial
markets. And if confirmed, I look forward to carrying out that mandate in
the special role occupied by the Securities and Exchange Commission.

The SEC is one of the best run agencies in the federal government, and has
been so for years. During my time as a securities practitioner, I was
consistently impressed by the high caliber of professionals who regulate
corporate finance and our markets. It will be an honor, if confirmed, to
join this exceptional team.

As you know, my most recent assignment in Congress has been to chair the
Homeland Security Committee, where I've seen from another vantage point the
critical role that America's financial markets play in our society. The
attacks of 9/11 were aimed very deliberately at the financial heart of
America's economy. The Wall Street analysts, traders, accountants and
bankers who were the victims of al Qaeda in the Twin Towers that day
represented America's best and brightest. Their compatriots who still go to
work each day in Manhattan and in Los Angeles and across the country are
the men and women whose creativity, energy and leadership are powering our
free enterprise system. The SEC will work with all of them as together we
help to build a better America.

It's been a pleasure to work with you, Mr. President, as a member of the
congressional leadership during these last five years of your
administration. If confirmed, I look forward to the opportunity to serve
our nation now in this new role as Chairman of the SEC. Thank you, sir.

THE PRESIDENT: Congratulations. Thanks for taking it on.

Thank you all.

END 10:33 A.M. EDT

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