Rep. Christopher Cox, R-Calif., was approved today by the Senate Banking, Housing and Urban Affairs Committee as the next chairman of the SEC, as expected. The committee also approved Annette Nazareth, director of the market regulation division at the SEC, to fill a Democratic seat on the commission being vacated by Harvey Goldschmid, who is retiring. The committee also approved a second term for Commissioner Roel Campos, a Democrat. Mr. Cox would replace William Donaldson, who quit as chairman on June 30.
Their nominations now go before the full Senate for a vote.
The Security Traders Association praised the confirmation of Mr. Cox and the other nominees. Mr. Cox's "background in corporate and securities law, as well as his work on critical business and national security issues in Congress, provides him with an understanding of the challenges facing market participants," John Giesea, president of the New York-based association, said in a news release.