Washington, D.C. – U.S. Senator Mike Enzi, R-Wyo., member of the Senate Banking Committee, made the following comments this morning during a Banking Committee hearing on the nomination of Chris Cox to be Chairman of the Securities and Exchange Commission.
Statement of Senator Mike Enzi
Senate Banking Committee Hearing on:
The Nomination of The Honorable Chris Cox to be Chairman of the Securities and Exchange Commission and
Mr. Roel Campos and Ms. Annette Nazereth to be Members of the Securities and Exchange Commission
July 26, 2005
“As I am sure Mr. Campos can attest to, there are many responsibilities of being a Member of the Board of the Securities and Exchange Commission and each are important to the proper functioning of our nation’s markets. However, you have been nominated during a particularly critical point in the history of our nation’s securities markets. The direction you take the SEC over the course of your term will have a profound and permanent effect on our national marketplace and economy.
“Not long ago, Congress passed the Sarbanes-Oxley Accounting Reform Act. This was done to bring accountability and transparency to corporate America and restore the public’s confidence in our national markets. I remember helping to draft this bill, and the hard work and compromise that went into it. Of course, Chairman Donaldson was charged with overseeing the implementation of Sarbanes-Oxley once it was signed into law. As a primary contributor to Sarbanes-Oxley, I believe he was highly successful in restoring investor confidence in our corporate America.
“Another very important outcome of the Sarbanes-Oxley debate was the creation of the SEC Advisory Committee on Smaller Public Companies. Small companies are the backbone of our economy and the source of most new job creation in this country. The Advisory Committee represents these companies. It’s members know all aspects of running small businesses because many operate small businesses of their own. They know how to run a business from the ground up. I encourage the Board to engage this Committee and its valuable perspective throughout the rulemaking process.
“As the SEC continues the initiatives started under the previous Chairmanship and begins new ones, I ask that you keep these principles in mind: Build on past successes to improve corporate governance and preserve an atmosphere where our nation’s entrepreneurial spirit can flourish.
“Finally, I would like to say a few words about Congressman Cox, who has been nominated to be the new Chairman of the SEC. I have had the pleasure of working with Congressman Cox in the past on many different trade and financial issues like export controls and corporate governance. During that time, I have gained a deep respect for his work. Congressman Cox is knowledgeable, hardworking, well-spoken, and well-spoken of. He actively seeks out different opinions on the same issue, and carefully listens to all ideas and suggestions – an unusual trait. Chris Cox is the right person to be examining corporate ethics in America, and we are fortunate that he was nominated and is willing to do this job. As the former Chairman of the Securities and Investing Subcommittee, I am confident that he will do outstanding work as Chairman of the Board at the SEC.”