President Bush to Nominate Rep. Christopher Cox for SEC Chairman

Republican officials have announced that President Bush will nominate nine-term California Representative Christopher Cox R- Newport Beach to be Chairman of the Securities and Exchange Commission. The official announcement may come as early as tomorrow, anonymous Republican sources told the Associated Press.

Securities and Exchange Commission Chairman William Donaldson, who was picked by President Bush to restore confidence in a stock market shaken by a wave of corporate scandals, announced Wednesday, June 1, 2005, that he will resign from the agency at the end of the month.

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Cox, 52, was first elected to the House from the GOP stronghold of Orange County in 1988. He served as chairman of the House Policy Committee from 1994-2005 and is chairman of the House Committee on Homeland Security.

Cox has been a longtime advocate of repealing the estate tax, the capital gains tax on savings and investment, and taxes on dividends. He also has supported banning taxes on Internet commerce.

A Republican and Bush family friend, Donaldson was an activist who often clashed with traditional GOP business allies. They chafed over what they perceived as an excessive regulatory zeal during Donaldson’s tenure.

Donaldson, who turns 74 on Thursday, told the president that “the time has come for me to step down and return to the private sector and my family.” He said Wednesday he would leave the agency on June 30.

Flap congratulates fellow USC alumni and classmate Cox, who was a cheerleader for the Trojans during Flap’s undergraduate years.

Representative Cox later went on to Harvard Law and Business School for a joint JD and MBA.

Chris is right on the issues and an excellent choice.

Now, who will run for this open and safe Republican Orange County Congressional seat?