[Weekly Compilation of Presidential Documents Volume 41, Number 22 (Monday, June 6, 2005)]
[Pages 920-921]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
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 capital markets and stock 
exchanges. Investors must have confidence that

[[Page 921]]

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