Bush Goes With Cox For SEC's Chairman Position

William Donaldson, the current chairman of the Securities and Exchange Commission (SEC), is resigning from the position. President Bush has a replacement in mind Bush's new selection for the role of SEC chairman is Republican California Representative Christopher Cox. Cox, who is 52 years old, must still win Senate confirmation for the position. Cox graduated from Harvard Law School, and has been a member of Congress since 1988. He served as the first chairman of the Homeland Security Committee, and as a counsel to former President Reagan. Cox supported the Sarbanes-Oxley Act of 2002, and according to AP has also been a longtime advocate of repealing taxes on capital gains as well as on dividends. Mr. Donaldson told President Bush, "The time has come for me to step down and return to the private sector and my family." Today is his 74th birthday. President Bush originally selected Donaldson as the SEC's in order to restore confidence to the stock market as it was plagued by scandals. Reuters latest ebusiness news