July 27, 2005
Cox: No Rollback of SEC Reforms
Christopher Cox, the nominee for SEC Chairman, pledges to continue on the great work by Chairman Donaldson. This is good news. The worst thing for US financial markets would be the roll back of Sarbanes-Oxley. This would signal to the world that corruption WILL be tolerated and that all companies have to do is yell loud enough and their prayers will be answered.
With mounting evidence every day of new material weaknesses, there is no room for roll back. Let's continue what legislators stared in 1977 with the Foreign Corrupt Practices Act - strong internal controls. This USA is a leader. Let's continue to act like it. No one else is up to the role.
An excerpt on this topic:
"Cox pledges to follow SEC reform
By Stephen Labaton The New York Times
WASHINGTON Representative Christopher Cox, the president's choice to be the next leader of the Securities and Exchange Commission, has pledged that he would not undo regulations recently adopted by the agency but would, in his words, "build upon them."
In his first public remarks about securities regulation since he was chosen for the post last month, Cox, an experienced lawmaker from Orange County, California, tried to demonstrate that, contrary to the assertions of his critics, he was not in the pocket of special interests. At his confirmation hearing Tuesday, he suggested that he would not reopen the debate over the expensing of stock options given to executives. He promised to fight for adequate resources at the agency, and he affirmed the "substantial and vital role" of state laws and state prosecutors in policing markets.
His first priority, he said, was enforcing laws and prosecuting frauds.
And Cox repeatedly pledged not to undermine the significant rules approved by his predecessor, William Donaldson, who was criticized by some executives, sectors of Wall Street and administration officials who said he went too far.
"He has been a stand-up guy in very tough times," Cox said of Donaldson. "I look at his record as one of great achievement."
Even before the hearing began, lawmakers said the full Senate was all but certain to approve Cox's nomination and those of two Democratic nominees on Thursday or Friday, before leaving for an August recess.
On Tuesday, Cox brought his skills as a politician to the hearing. His embrace of Donaldson was a marked departure from the approach taken by Cox's two predecessors. At his hearing two years ago, Donaldson tried to sharply distinguish himself from Harvey Pitt, who was forced to resign after a series of political missteps. Pitt made it plain in his early days that he would be significantly different from Arthur Levitt.
But if Cox does following Donaldson, then he is certain to disappoint the two other Republican members of the commission and some administration officials who have sharply criticized numerous recent initiatives.
Donaldson broke ranks with his fellow Republican commissioners and aligned himself with the Democrats on issues that included the imposition of large corporate fines for securities violations, the registration of hedge funds and new governance rules for mutual funds.
WASHINGTON Representative Christopher Cox, the president's choice to be the next leader of the Securities and Exchange Commission, has pledged that he would not undo regulations recently adopted by the agency but would, in his words, "build upon them."
In his first public remarks about securities regulation since he was chosen for the post last month, Cox, an experienced lawmaker from Orange County, California, tried to demonstrate that, contrary to the assertions of his critics, he was not in the pocket of special interests. At his confirmation hearing Tuesday, he suggested that he would not reopen the debate over the expensing of stock options given to executives. He promised to fight for adequate resources at the agency, and he affirmed the "substantial and vital role" of state laws and state prosecutors in policing markets.
His first priority, he said, was enforcing laws and prosecuting frauds.
And Cox repeatedly pledged not to undermine the significant rules approved by his predecessor, William Donaldson, who was criticized by some executives, sectors of Wall Street and administration officials who said he went too far.
"He has been a stand-up guy in very tough times," Cox said of Donaldson. "I look at his record as one of great achievement."
Even before the hearing began, lawmakers said the full Senate was all but certain to approve Cox's nomination and those of two Democratic nominees on Thursday or Friday, before leaving for an August recess.
On Tuesday, Cox brought his skills as a politician to the hearing. His embrace of Donaldson was a marked departure from the approach taken by Cox's two predecessors. At his hearing two years ago, Donaldson tried to sharply distinguish himself from Harvey Pitt, who was forced to resign after a series of political missteps. Pitt made it plain in his early days that he would be significantly different from Arthur Levitt.
But if Cox does following Donaldson, then he is certain to disappoint the two other Republican members of the commission and some administration officials who have sharply criticized numerous recent initiatives.
Donaldson broke ranks with his fellow Republican commissioners and aligned himself with the Democrats on issues that included the imposition of large corporate fines for securities violations, the registration of hedge funds and new governance rules for mutual funds.
WASHINGTON Representative Christopher Cox, the president's choice to be the next leader of the Securities and Exchange Commission, has pledged that he would not undo regulations recently adopted by the agency but would, in his words, "build upon them."
In his first public remarks about securities regulation since he was chosen for the post last month, Cox, an experienced lawmaker from Orange County, California, tried to demonstrate that, contrary to the assertions of his critics, he was not in the pocket of special interests. At his confirmation hearing Tuesday, he suggested that he would not reopen the debate over the expensing of stock options given to executives. He promised to fight for adequate resources at the agency, and he affirmed the "substantial and vital role" of state laws and state prosecutors in policing markets.
His first priority, he said, was enforcing laws and prosecuting frauds.
And Cox repeatedly pledged not to undermine the significant rules approved by his predecessor, William Donaldson, who was criticized by some executives, sectors of Wall Street and administration officials who said he went too far.
"He has been a stand-up guy in very tough times," Cox said of Donaldson. "I look at his record as one of great achievement." For the complete article, click here.
To see how your company can achieve Sarbanes-Oxley Compliance with the lowest cost and the highest quality, see www.issuescentral.com to learn more about the Compliance Playbook(tm).
With mounting evidence every day of new material weaknesses, there is no room for roll back. Let's continue what legislators stared in 1977 with the Foreign Corrupt Practices Act - strong internal controls. This USA is a leader. Let's continue to act like it. No one else is up to the role.
An excerpt on this topic:
"Cox pledges to follow SEC reform
By Stephen Labaton The New York Times
WASHINGTON Representative Christopher Cox, the president's choice to be the next leader of the Securities and Exchange Commission, has pledged that he would not undo regulations recently adopted by the agency but would, in his words, "build upon them."
In his first public remarks about securities regulation since he was chosen for the post last month, Cox, an experienced lawmaker from Orange County, California, tried to demonstrate that, contrary to the assertions of his critics, he was not in the pocket of special interests. At his confirmation hearing Tuesday, he suggested that he would not reopen the debate over the expensing of stock options given to executives. He promised to fight for adequate resources at the agency, and he affirmed the "substantial and vital role" of state laws and state prosecutors in policing markets.
His first priority, he said, was enforcing laws and prosecuting frauds.
And Cox repeatedly pledged not to undermine the significant rules approved by his predecessor, William Donaldson, who was criticized by some executives, sectors of Wall Street and administration officials who said he went too far.
"He has been a stand-up guy in very tough times," Cox said of Donaldson. "I look at his record as one of great achievement."
Even before the hearing began, lawmakers said the full Senate was all but certain to approve Cox's nomination and those of two Democratic nominees on Thursday or Friday, before leaving for an August recess.
On Tuesday, Cox brought his skills as a politician to the hearing. His embrace of Donaldson was a marked departure from the approach taken by Cox's two predecessors. At his hearing two years ago, Donaldson tried to sharply distinguish himself from Harvey Pitt, who was forced to resign after a series of political missteps. Pitt made it plain in his early days that he would be significantly different from Arthur Levitt.
But if Cox does following Donaldson, then he is certain to disappoint the two other Republican members of the commission and some administration officials who have sharply criticized numerous recent initiatives.
Donaldson broke ranks with his fellow Republican commissioners and aligned himself with the Democrats on issues that included the imposition of large corporate fines for securities violations, the registration of hedge funds and new governance rules for mutual funds.
WASHINGTON Representative Christopher Cox, the president's choice to be the next leader of the Securities and Exchange Commission, has pledged that he would not undo regulations recently adopted by the agency but would, in his words, "build upon them."
In his first public remarks about securities regulation since he was chosen for the post last month, Cox, an experienced lawmaker from Orange County, California, tried to demonstrate that, contrary to the assertions of his critics, he was not in the pocket of special interests. At his confirmation hearing Tuesday, he suggested that he would not reopen the debate over the expensing of stock options given to executives. He promised to fight for adequate resources at the agency, and he affirmed the "substantial and vital role" of state laws and state prosecutors in policing markets.
His first priority, he said, was enforcing laws and prosecuting frauds.
And Cox repeatedly pledged not to undermine the significant rules approved by his predecessor, William Donaldson, who was criticized by some executives, sectors of Wall Street and administration officials who said he went too far.
"He has been a stand-up guy in very tough times," Cox said of Donaldson. "I look at his record as one of great achievement."
Even before the hearing began, lawmakers said the full Senate was all but certain to approve Cox's nomination and those of two Democratic nominees on Thursday or Friday, before leaving for an August recess.
On Tuesday, Cox brought his skills as a politician to the hearing. His embrace of Donaldson was a marked departure from the approach taken by Cox's two predecessors. At his hearing two years ago, Donaldson tried to sharply distinguish himself from Harvey Pitt, who was forced to resign after a series of political missteps. Pitt made it plain in his early days that he would be significantly different from Arthur Levitt.
But if Cox does following Donaldson, then he is certain to disappoint the two other Republican members of the commission and some administration officials who have sharply criticized numerous recent initiatives.
Donaldson broke ranks with his fellow Republican commissioners and aligned himself with the Democrats on issues that included the imposition of large corporate fines for securities violations, the registration of hedge funds and new governance rules for mutual funds.
WASHINGTON Representative Christopher Cox, the president's choice to be the next leader of the Securities and Exchange Commission, has pledged that he would not undo regulations recently adopted by the agency but would, in his words, "build upon them."
In his first public remarks about securities regulation since he was chosen for the post last month, Cox, an experienced lawmaker from Orange County, California, tried to demonstrate that, contrary to the assertions of his critics, he was not in the pocket of special interests. At his confirmation hearing Tuesday, he suggested that he would not reopen the debate over the expensing of stock options given to executives. He promised to fight for adequate resources at the agency, and he affirmed the "substantial and vital role" of state laws and state prosecutors in policing markets.
His first priority, he said, was enforcing laws and prosecuting frauds.
And Cox repeatedly pledged not to undermine the significant rules approved by his predecessor, William Donaldson, who was criticized by some executives, sectors of Wall Street and administration officials who said he went too far.
"He has been a stand-up guy in very tough times," Cox said of Donaldson. "I look at his record as one of great achievement." For the complete article, click here.
To see how your company can achieve Sarbanes-Oxley Compliance with the lowest cost and the highest quality, see www.issuescentral.com to learn more about the Compliance Playbook(tm).
