According to press reports, Christopher Cox has pledged "continuity, clarity, and consistency in the commission's rule-making and enforcement responsibilities," in written remarks prepared for his Senate Banking Committee confirmation hearing.
That is all well and good, and something that all market participants are looking for - in particular the clarity part.
But then he took a turn and called the Sarbanes-Oxley Act "a pillar of our securities regulatory charter."
That may simply be a politican's sound bite, and let's hope it is. While Sarbanes-Oxley is certainly a significant piece of legislation, it was a hodge-podge of knee jerk reactons, and political pandering that needs to be sorted out and amended. One can only hope that such a piece of legislation is not truly the pillar of the country's regulatory charter.
