Hearing of U.S. Senate Committee on Banking, Housing, and Urban Affairs "Pending Nominations - Morning Session"

Hearing of U.S. Senate Committee on Banking, Housing, and Urban Affairs "Pending Nominations - Morning Session"

The Committee will come to order. This morning we will hear from the President's nominees for the Securities and Exchange Commission: Congressman Christopher Cox, Commissioner Roel Campos and Annette Nazareth. I appreciate the willingness of the nominees to appear before the Committee today.

Congressman Cox has been nominated to serve as Chairman of the Securities and Exchange Commission. Since being elected to the House of Representatives in 1988, Congressman Cox has established an impressive record as a legislator and leader on securities regulation. He currently serves as Chairman of the Committee on Homeland Security, and he was also a member of the Energy and Commerce Committee, which at the time had jurisdiction over securities law, and the Financial Services Committee for seven years. Prior to his election, Congressman Cox served as a senior counsel in the Reagan Administration and was an attorney in private practice specializing in corporate finance and securities. Congressman Cox graduated from the University of Southern California and received his law degree and M.B.A. from Harvard University. Congressman Cox brings a wealth of experience to this position, and I believe that the SEC and the securities markets will benefit from his leadership. I congratulate you on your nomination and look forward to seeing you again before this Committee in the not too distant future.

I would like to welcome Commissioner Campos back to the Committee for his second nomination hearing. Commissioner Campos was first confirmed as a SEC Commissioner in the summer of 2002. During his tenure at the SEC, Commissioner Campos has led efforts to promote convergence with respect to international securities regulations and has worked to streamline the SEC's administrative proceedings process. Prior to joining to the Commission, Commissioner Campos was one of two principal owners of El Dorado Communications and served as an executive with the radio broadcasting company. Commissioner Campos began his career as an officer in the U.S. Air Force and has also spent significant time as a federal prosecutor and as a lawyer in private practice focusing on corporate law and litigation. Mr. Campos graduated from the Air Force Academy and earned his law degree from Harvard Law School and his MBA from UCLA.

I also welcome Ms. Nazareth back to the Committee. She has testified before this Committee on other occasions regarding issues pending before the SEC. Since 1992, Ms. Nazareth has served as the Director of the Division of Market Regulation at the SEC. She previously served as Senior Counsel to Chairman Arthur Levitt and Interim Director of the Division of Investment Management. Prior to joining the SEC, Ms. Nazareth was as a Managing Director at Salomon Smith Barney and a Senior Vice President at Lehman Brothers, Inc. Ms. Nazareth graduated from Brown University and earned her law degree from Columbia University.

I thank each of the nominees for their willingness to serve, and I look forward to your testimony.

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