    [Public Papers of the Presidents of the United States: George W. Bush (2005, Book I)]
    [June 2, 2005]
    [Pages 913-915]
    [From the U.S. Government Publishing Office www.gpo.gov]

    Remarks on the Nomination of Christopher Cox To Be Chairman of the Securities and Exchange
    Commission
    June 2, 2005

        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 2 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

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    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 2 years, Bill Donaldson has done an exceptional job as the 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 2 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 of 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 stockholders. A
    generation ago, only a small percentage of American families invested in
    stocks and bonds. Today, more than a 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 he was elected to the 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.

    [At this point, Chairman-designate Cox made brief remarks.]

        The President. Congratulations. Thanks for taking it on.
        Thank you all.

    Note: The President spoke at 10:24 a.m. in the Roosevelt Room at the
    White House. The transcript released by the Office of the

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    Press Secretary also included the remarks of Chairman-designate Cox.