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Washington, D.C. – U.S. Senator Mike Enzi, R-Wyo., a senior member of the Senate Banking Committee, believes President Bush made a good choice by picking California lawmaker Christopher Cox to replace William Donaldson as head of the Securities and Exchange Commission (SEC).

“I’ve had the pleasure of working with Chris on trade and different financial issues before. His background as a corporate attorney gives him great insight and perspective on how the corporate governance reforms in the Sarbanes-Oxley Act are working. He understands the need for continued industry efforts to improve corporate governance while at the same time preserving an atmosphere where our nation's entrepreneurial spirit is allowed to flourish,” said Enzi.

Enzi also thanked Donaldson for his hard work and diligence during a very important time at the SEC.

"Chairman Donaldson arrived at the SEC at a very critical time in SEC history and he was highly successful in implementing the Sarbanes-Oxley Act to restore investor confidence in our accounting industry and Wall Street. He helped restore the SEC's reputation as the guardian and watchdog of our securities and public markets,” Enzi said.

Donaldson said he will step down June 30. Cox will need to secure the approval of the Senate Banking Committee then the Senate as a whole in order to take the top job at the SEC.