[Congressional Record Volume 151, Number 123 (Wednesday, September 28, 2005)]
[House]
[Pages H8489-H8491]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                           HONORING CHRIS COX

  The SPEAKER pro tempore. Under a previous order of the House, the 
gentleman from California (Mr. Dreier) is recognized for 5 minutes.
  Mr. DREIER. Mr. Speaker, on the 2nd of June our very distinguished 
colleague, Chris Cox, was nominated by President Bush to become the 
chairman of the Securities and Exchange Commission. On July 29, the 
Senate voted unanimously to confirm Chris as the 28th chairman of the 
SEC. His nomination was widely heralded. That economic guru, Larry 
Kudlow, said, ``Chris Cox's keen intellect and free market view point 
will provide a breath of fresh air at the Securities and Exchange 
Commission.''

                              {time}  1900

  The majority leader in the Senate said, ``Chris Cox will bring an 
experienced and steady hand to the Securities and Exchange 
Commission.''
  Stanford law professor, who is a former SEC commissioner, Joseph 
Grundfest, said, ``We should give a great deal of respect and deference 
to Chris Cox's tremendous intellectual abilities and political 
skills.''
  Mr. Speaker, I mention this praise because it so clearly shows that 
the gain at the Securities and Exchange Commission is a significant 
loss for us here in the House of Representatives. As his colleagues in 
Congress, we will all miss working with Chris.
  Chairman Cox was first elected to the House in 1988 to represent 
Orange County, California. During his nine terms in office, he gained a 
well-deserved reputation as a hardworking, action-oriented, fair and 
bipartisan Member. In fact, he said one time, ``The well-worn partisan 
rut is not a place where you are going to get a lot of work done.''
  Chairman Cox did not spend a lot of time in that rut. He was an 
integral part of our California delegation, served on important 
committees and delved into critical issues facing our Nation. He served 
on the Committee on Energy and Commerce, the Committee on Financial 
Services, the Committee on Government Reform and the Committee on the 
Budget. He served as a member of the majority leadership for over 10 
years as Chairman of the House Policy Committee.
  Most recently, we all know Chris served as chairman of the Committee 
on Homeland Security when we established this new committee. Throughout 
his involvement in national security issues, he was very intimately 
involved in those throughout his entire 17 years in Congress. He was a 
tireless advocate for our men and women in uniform, a vocal anti-
Communist, an active proponent of California's military bases, and an 
ardent supporter of the global war on terror.
  As Chairman of the Committee on Homeland Security, Mr. Speaker, Chris 
pushed for common-sense reform to ensure that we spent homeland 
security dollars based on actual risk, and he left a legacy of very 
vigorous oversight at the Department of Homeland Security.
  Additionally, as a representative from California, Chairman Cox was 
intimately involved in the effort to secure our border and give the 
border patrol the tools needed to apprehend anyone seeking to enter our 
country illegally, particularly those wishing to do our Nation harm.
  It is fitting that he is now the country's top cop for the securities 
markets because he has long been committed to improving and supporting 
the free market.
  Whether it was ending the double taxation on shareholder dividends or 
supporting innovative technologies with the Internet Tax Freedom Act or 
standing up for free trade by voting for permanent normal trade 
relations for the People's Republic of China or protecting investors 
from junk lawsuits with the Private Securities Litigation Reform Act, 
Chairman Cox has been in the forefront of making sure capitalism and 
financial markets work on their own when they can but, most important, 
work within the law around the clock.
  When accepting the nomination to chair the SEC, Chairman Cox had this 
to say about the U.S. economy: ``The natural enemies of this economic 
marvel are fraud and unfair dealing.'' At the SEC, he will continue, 
Mr. Speaker, to do what he practiced here in the Congress, instilling 
faith in the financial markets by targeting bad actors and protecting 
investors.
  Throughout his life, Chairman Cox has held firm to his conservative 
beliefs; his faith in democracy; and his pro-growth, free market 
principles, even when his views were not always popular. When he was at 
Harvard in the early 1970s, where he earned a business and law degree, 
he placed a Ronald Reagan bumper sticker on his car, only to have his 
car repeatedly vandalized.
  There was little that could intimidate Chairman Cox, and that was 
particularly due to the confidence he derived from his political 
lodestar, the man whose name was on that bumper sticker, Ronald Reagan.
  Chris and I both share an intense admiration for Ronald Reagan. 
President Reagan taught our country to stand tall, to believe in and 
trust the virtues of democracy, the power of the individual, the 
promise of entrepreneurship, and the might of our military.
  Chris had the distinct privilege of serving President Reagan as a 
White

[[Page H8490]]

House counsel. He worked behind the scenes to promote Ronald Reagan's 
muscular foreign policy and effective, limited government domestic 
policy.
  In 1988, during Chris's first campaign for Congress, President Reagan 
said, ``I could always count on Chris Cox to push our agenda forward 
and to keep his sights on why we were in Washington.'' Mr. Speaker, 
those words still ring true today. Chairman Cox is a man of powerful 
intellect, whose selfless service of his constituents and of his 
country has earned the respect of everyone he has worked with, and he 
has never lost sight of why he was here.
  I know he will continue to serve the people of the United States with 
unfailing dedication and the utmost integrity. That is how his 
colleagues in Congress knew him, and that is how his new colleagues at 
the SEC will come to know him.
  President Bush gave Chairman Cox this mission to the SEC: ``To 
continue to strengthen public trust in our markets so the American 
economy can continue to grow and create jobs.'' Mr. Speaker, if the 
success of his congressional career is any guide, there is no doubt 
that Chairman Cox will accomplish this mission.
  I offer my sincere thanks to Chris for the pleasure of working with 
him as a member of the California delegation, as a dedicated disciple 
of President Reagan and as a force for progress here in the House of 
Representatives. I wish him the very best as he embarks on this new 
path.
  Mr. RADANOVICH. Mr. Speaker, I rise today to pay honor and 
congratulate a now former colleague of mine, Congressman Christopher 
Cox. Mr. Cox has served the U.S. House of Representatives with great 
distinction for six terms. For 10 years Mr. Cox displayed his 
tremendous leadership capability as chairman of the House Policy 
Committee, and most recently as the founding Chairman of the House 
Committee on Homeland Security.
  In June of 2005, the President of the United States had the foresight 
to recognize Mr. Cox's leadership ability and subsequently appointed 
Mr. Cox, Chairman of the Securities and Exchange Commission. Mr. 
President, you made a very fine choice. Mr. Cox holds an M.B.A. from 
Harvard Business School, as well as a J.D. from Harvard School of Law. 
He has taught Federal income tax courses at his alma mater. During 
former President Reagan's second term, Mr. Cox served as his Senior 
Associate Counsel. While serving in the U.S. House of Representatives 
Mr. Cox served in a capacity of leadership in every committee with 
jurisdiction over investor protection and U.S. capital markets. It 
seems obvious to me, as I'm sure it does to the rest of my colleagues 
that Mr. Cox is very well qualified for his new position.
  While the citizens of Mr. Cox's 48th District will surely miss his 
commitment, I am sure they share my sentiments of congratulation to Mr. 
Cox for receiving this new appointment. I have thoroughly enjoyed my 
time as a colleague of Mr. Cox and look forward to working with him in 
his new capacity.
  Mr. THOMAS. Mr. Speaker, I rise today to honor my friend and former 
colleague from California, Christopher Cox, for his excellent service 
as a Member of the House of Representatives and to wish him well in his 
tenure as Chairman of the Securities and Exchange Commission, SEC.
  I commend the President for selecting Chris to serve in that capacity 
because Chris has the proven leadership ability, intelligence, 
fairness, and experience necessary to successfully manage the SEC, 
which has an integral role in ensuring our Nation's continued economic 
growth and prosperity. I have had the great pleasure of working with 
Chris as he exhibited his leadership abilities in the House through his 
service for over a decade as the Chairman of the House Republican 
Policy Committee and most recently as Chairman of the Committee on 
Homeland Security.
  As many of you know, Chris has impressive academic credentials, which 
include earning both an M.B.A. and law degree from Harvard, where he 
also served as an editor of the prestigious Harvard Law Review. These 
credentials were supplemented through his service as a Federal 
appellate law clerk and as Senior Associate Counsel to the late 
President Reagan.
  Moreover, Chris' experience has provided him with a broad and deep 
understanding of how our Nation's capital markets operate. As an 
attorney with an international law firm, Chris specialized in venture 
capital and corporate finance, and in his 18 years of service as a 
Member of the House, Chris served on the Energy and Commerce, Financial 
Services, and Government Reform Committees. During his House career, 
Chris was an ardent proponent of legislation to improve the budget 
process, eliminate the double tax on shareholder dividends, reform 
medical malpractice litigation, and repeal the estate tax. I worked 
with Chris on these issues and I am pleased that we were able to enact 
legislation to address capital gains, dividends, and estate taxation.
  While I will miss working with Chris in the House, I look forward to 
working with him in his new role. Accordingly, I ask my colleagues to 
join me in wishing him well as he continues to serve as a free-market 
advocate in his new capacity.
  Mr. GARY G. MILLER of California. Mr. Speaker, I rise today to honor 
our former colleague and my good friend, the Honorable Christopher Cox.
  For almost 20 years, Chris Cox has served his country nobly, 
admirably, and to the best of his ability as a public official and 
legislator. Now President Bush has tapped him for a new chapter in his 
public service career as the next Chairman of the Securities and 
Exchange Commission.
  In making this choice, the President could not have picked a more 
qualified, a more determined, and a more able candidate. Chris Cox has 
extensive experience as an attorney specializing in venture capital and 
corporate finance and a lecturer at Harvard Business School where he 
taught Federal income tax law. He began his service to our nation as a 
Senior Associate Counsel to President Reagan, advising the President on 
a range of issues. Now he will continue this service in a different 
capacity as the Chairman of the SEC, where he will have a platform to 
encourage corporate responsibility and raise investor confidence.
  From 1988, until very recently, Chairman Cox represented Orange 
County faithfully in the U.S. Congress. In this body, his leadership 
was essential in authoring the Private Securities Litigation Reform Act 
and the Internet Tax Freedom Act. Chairman Cox was also instrumental in 
the creation of a permanent Homeland Security Committee, on which he 
served as the first Chairman. No matter his role in this House, he 
continuously worked for a smaller and more efficient government, a 
fiscally responsible budget, and an overall better America.
  For the last 7 years, I had the great privilege of being his 
colleague in this House. Here I witnessed firsthand the depth of his 
intellect and the extent of his devotion to our nation. I also 
witnessed his compassion and care for the residents of south Orange 
County. He represented them loyally and they rewarded him with eight 
consecutive reelections to the House of Representatives.
  As Chairman Cox leaves these halls to continue his public service at 
the SEC, I can say with certainty that he will be missed by his fellow 
lawmakers, his constituents, and the American people. We can take 
solace, however, in his call to a higher duty. In this time of war and 
economic uncertainty, America needs capable leaders--leaders with 
experience, with knowledge, with determination--leaders like 
Christopher Cox.
  As Chris Cox begins his new challenge as Chairman of the SEC, I am 
confident that the qualities that made him such a great Congressman 
will likewise make him an excellent Chairman.
  Ms. LORETTA SANCHEZ of California. Mr. Speaker, I rise today to thank 
my colleague, Chris Cox, for his service to this House, and to Orange 
County California, a region we both had the privilege and the 
responsibility to represent.
  I would also like to take this opportunity to wish now Commissioner 
Cox good luck in his new position at the Securities Exchange 
Commission, SEC.
  As a former constituent, a member of the investment banking 
community, I know how important Mr. Cox's new job is to the health and 
security to our Nation's economy.
  The job of the SEC is to maintain investor confidence in our 
financial markets. I would urge my friend to invest more resources in 
maintaining that confidence. That would include going after insider-
trading cases, and preventing scandals, like Enron and WorldCom, that 
undermine our system. We shouldn't forget that it's the small 
investors, and workers depending on their pensions, that get hit the 
hardest by these scandals.
  I would also urge the Commissioner also to think about the future and 
to help reform the New York Stock Exchange, and other exchanges, to 
bring them into the 21st Century. Instant trading is a fact in the 
market. It needs to be brought to the floor of the NYSE.
  In closing, I would like to thank Chris Cox again for his service and 
wish him all the best at the SEC. I look forward to working with him 
and helping to make our nation's future, safe, fair and secure.
  Mr. GALLEGLY. Mr. Speaker, I rise in honor of my friend, former 
colleague, fellow Californian and Securities and Exchange Commission 
Chairman Christopher Cox.
  A capable and affable leader, Chris is well-suited to be the 28th SEC 
chairman. While in Congress, he served as a senior member of every 
committee with jurisdiction over investor

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protection and capital markets, including the House Energy and Commerce 
Committee, the Financial Services Committee, the Government Reform 
Committee and the Budget Committee. He also served as chairman of the 
Task Force on Budget Reform. He authored the Private Securities 
Litigation Reform Act and the Internet Tax Freedom Act.
  It was no surprise that the Senate unanimously confirmed his SEC 
chairmanship on July 29,2005.
  Mr. Speaker, I know my colleagues will join me in honoring Chris Cox 
for his service in the U.S. House of Representatives and wish him 
Godspeed at the SEC.

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