Cox New SEC Chair

   President Bush has announced that he will nominate Rep. Christopher Cox, a Republican congressman from Califorina, to replace William Donaldson as Chairman of the SEC.  Cox is a financial conservative.  He played an active role, for example, in the passage of the Private Securities Litigation Reform Act of 1995, which Congress passed over President Clinton's veto.  His philosophy of government regulation is very, very different than Donaldson.  At issue is whether his SEC will reverse several controversial rule changes that have been passed but are not yet effective --Regulation NMS and new mutual fund rules.  Even Donaldson was caught wondering whether the rule changes would survive.  This could be interesting.