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WASHINGTON (AP) - Senators are considering the nomination of President Bush's choice to head the Securities and Exchange Commission, Rep. Christopher Cox, a free-market conservative who could significantly shift the agency's focus after 2 1/2 years of an activist regulatory stance.
Bush last month chose Cox, a California Republican who has taken pro-business positions, to lead the SEC after the surprise resignation of Chairman William Donaldson, whom Bush had installed to help restore confidence in a stock market shaken by corporate scandals in 2002.
Business interests, which had chafed at Donaldson's regulatory activism and pressed the White House to replace him with someone friendlier to them, have welcomed Cox's nomination. Some investor advocates and union leaders have urged senators to reject him, saying he would disregard investors' interests and protections.
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