Thursday, August 04, 2005

New SEC Head Greets Staffers

New Securities and Exchange Commission Chairman Christopher Cox made his first address to staff members today. He praised staff members for their efforts to protect investors and promised to be a "relentless adversary of anyone trying to drive a wedge between the SEC and investors." He spoke of the SEC as a watchdog for other people's money and emphasized the importance of using "plain English" in SEC rulemaking. Additionally, he told staff that would try to bring more better pay and more respect to them.
Finally, he noted that his overseas travel had convinced him that US capital markets were the best in the world.

Cox was asked whether he would advocate for investors or business--his first response was: is there necessarily a difference in their goals, then clarified by pointing out that the Department of Commerce was designed to help business and the SEC to help investors. Three foci of investor's watchcare would be: compliance with rules, policing rule compliance and seeking views of investors and markets to determine their priorities.


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