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Stop Corporate Takeover of the SEC
By Murshed Zaheed Posted on Thu Jul 21, 2005 at 09:27:49 AM EST
Lots of actions items at Common Cause today. This one has to do with opposing the nomination of Congressman Chris Cox as the Chairman of Securities and Exchange Commission ("SEC"). Please call the members of the U.S. Senate Committee on Banking, Housing, and Urban Affairs ("Senate Banking Committee")today and urge them to oppose the Cox nomination today. Let these Senators know that the confirmation of Rep. Cox should not move forward because he is not a suitable candidate for this job. Here are the phone numbers of the members of the Senate Banking Committee:
Majority Members (Republicans) Member Name DC Office Phone Nos. - Richard C. Shelby (R-AL) [Chairman] 202-224-5744
- Robert F. Bennett (R-UT) 202-224-5444
- Wayne Allard (R-CO) 202-224-5941
- Michael Enzi (R-WY) 202-224-3424
- Chuck Hagel (R-NE) 202-224-4224
- Rick Santorum (R-PA) 202-224-6324
- Jim Bunning (R-KY) 202-224-4343
- Mike Crapo (R-ID) 202-224-6142
- John Sununu (R-NH) 202-224-2841
- Elizabeth Dole (R-NC) 202-224-6342
- Mel Martinez (R-FL) 202-224-3041
Minority Members (Democrats) Member Name DC Office Phone Nos. - Paul S. Sarbanes (D-MD) [Ranking Member] 202-224-4524
- Christopher J. Dodd (D-CT) 202-224-2823
- Tim Johnson (D-SD) 202-224-5842
- Jack Reed (D-RI) 202-224-4642
- Charles Schumer (D-NY) 202-224-6542
- Evan Bayh (D-IN) 202-224-5623
- Thomas R. Carper (D-DE) 202-224-2441
- Debbie A. Stabenow (D-MI) 202-224-4822
- Jon S. Corzine (D-NJ) 202-224-4744
Right now,we have some serious questions about Rep. Cox’s ability to just that, which is to protect the public. We have these reservations based on a number of reasons (Click "read more" to read about our reservations concerning Rep. Cox's nomination to the SEC). The timing is crucial now because by Tuesday of next week the Senate Banking Committee members will be reviewing Congressman Cox’s record to determine whether or not he is a good choice to serve as the chair of the SEC. You need to make these calls today in order to ensure they have gotten our message concerning our reservations over Rep. Cox's nomination. So, please place these calls today, and let us know how your calls are going by posting your comments right here. Thank you!
Here are the key reasons, why we have so many reservations and questions about the Cox Nomination.
First, Congressman Chris Cox championed an amendment to the 1995 Private Securities Litigation Reform Act that would have made it almost impossible for investors who had been recklessly defrauded by corporate executives to get their money back. His bill would have shielded companies like Enron and their accountants, such as Arthur Andersen, from investor lawsuits.
Secondly, we also have questions about Rep. Cox’s role as an attorney representing clients who went to prison for defrauding investors for millions of dollars. (Michel Hiltzik, Cox's Past Ties to Con Man Raise Questions, L.A. Times, June 9, 2005)
Third, given the huge campaign contributions Rep. Cox has previously received from the financial industry, we think he has a serious conflict of interest: Will he serve as the protector of rights of investors and corporate employees or will he be beholden to those who financed his campaigns? Specifically, since 1989, his campaigns have raised more than $2 million from business political action committees. (Stephen Labaton, Bush S.E.C. Pick Is Seen as Friend to Corporations, N.Y. Times, June 2, 2005) The list of top 20 industries contributing to his campaigns includes securities and investment firms, which have given him over $256,000; law firms, which have given him $364,000; and accounting firms, which have given him over $207,000.
For these reasons, we urge you to call the members of the Senate Banking Committee today and urge them to oppose the Cox Nomination today. Again, someone who is tyring to get confirmed as the nation's chief securities law enforcement officer, should have a demonstrated commitment to the rights of investors. Rep. Cox's history in Congress and as a private attorney raises red flags that the Senate should not ignore. So, please call the members of the Senate Banking Committee today and let them know that you oppose Rep. Chris Cox's nomination.
Tags: Government Accountability (all tags)
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