Honoring Chris Cox by Dreier and others



Honoring Chris Cox by Dreier and others

HON. DAVID DREIER

OF CALIFORNIA IN THE HOUSE OF REPRESENTATIVES

September 28, 2005

HONORING CHRIS COX

The SPEAKER pro tempore. Under a previous order of the House, the gentleman from California (Mr. Dreier) is recognized for 5 minutes. Mr. DREIER. Mr. Speaker, on the 2nd of June our very distinguished colleague, Chris Cox, was nominated by President Bush to become the chairman of the Securities and Exchange Commission. On July 29, the Senate voted unanimously to confirm Chris as the 28th chairman of the SEC. His nomination was widely heralded. That economic guru, Larry Kudlow, said, "Chris Cox's keen intellect and free market view point will provide a breath of fresh air at the Securities and Exchange Commission."

The majority leader in the Senate said, "Chris Cox will bring an experienced and steady hand to the Securities and Exchange Commission." Stanford law professor, who is a former SEC commissioner, Joseph Grundfest, said, "We should give a great deal of respect and deference to Chris Cox's tremendous intellectual abilities and political skills." Mr. Speaker, I mention this praise because it so clearly shows that the gain at the Securities and Exchange Commission is a significant loss for us here in the House of Representatives. As his colleagues in Congress, we will all miss working with Chris. Chairman Cox was first elected to the House in 1988 to represent Orange County, California. During his nine terms in office, he gained a well-deserved reputation as a hardworking, action-oriented, fair and bipartisan Member. In fact, he said one time, "The well-worn partisan rut is not a place where you are going to get a lot of work done." Chairman Cox did not spend a lot of time in that rut. He was an integral part of our California delegation, served on important committees and delved into critical issues facing our Nation. He served on the Committee on Energy and Commerce, the Committee on Financial Services, the Committee on Government Reform and the Committee on the Budget. He served as a member of the majority leadership for over 10 years as Chairman of the House Policy Committee. Most recently, we all know Chris served as chairman of the Committee on Homeland Security when we established this new committee. Throughout his involvement in national security issues, he was very intimately involved in those throughout his entire 17 years in Congress. He was a tireless advocate for our men and women in uniform, a vocal anti- Communist, an active proponent of California's military bases, and an ardent supporter of the global war on terror. As Chairman of the Committee on Homeland Security, Mr. Speaker, Chris pushed for common-sense reform to ensure that we spent homeland security dollars based on actual risk, and he left a legacy of very vigorous oversight at the Department of Homeland Security. Additionally, as a representative from California, Chairman Cox was intimately involved in the effort to secure our border and give the border patrol the tools needed to apprehend anyone seeking to enter our country illegally, particularly those wishing to do our Nation harm. It is fitting that he is now the country's top cop for the securities markets because he has long been committed to improving and supporting the free market. Whether it was ending the double taxation on shareholder dividends or supporting innovative technologies with the Internet Tax Freedom Act or standing up for free trade by voting for permanent normal trade relations for the People's Republic of China or protecting investors from junk lawsuits with the Private Securities Litigation Reform Act, Chairman Cox has been in the forefront of making sure capitalism and financial markets work on their own when they can but, most important, work within the law around the clock. When accepting the nomination to chair the SEC, Chairman Cox had this to say about the U.S. economy: "The natural enemies of this economic marvel are fraud and unfair dealing." At the SEC, he will continue, Mr. Speaker, to do what he practiced here in the Congress, instilling faith in the financial markets by targeting bad actors and protecting investors. Throughout his life, Chairman Cox has held firm to his conservative beliefs; his faith in democracy; and his pro-growth, free market principles, even when his views were not always popular. When he was at Harvard in the early 1970s, where he earned a business and law degree, he placed a Ronald Reagan bumper sticker on his car, only to have his car repeatedly vandalized. There was little that could intimidate Chairman Cox, and that was particularly due to the confidence he derived from his political lodestar, the man whose name was on that bumper sticker, Ronald Reagan. Chris and I both share an intense admiration for Ronald Reagan. President Reagan taught our country to stand tall, to believe in and trust the virtues of democracy, the power of the individual, the promise of entrepreneurship, and the might of our military. Chris had the distinct privilege of serving President Reagan as a White House counsel. He worked behind the scenes to promote Ronald Reagan's muscular foreign policy and effective, limited government domestic policy. In 1988, during Chris's first campaign for Congress, President Reagan said, "I could always count on Chris Cox to push our agenda forward and to keep his sights on why we were in Washington." Mr. Speaker, those words still ring true today. Chairman Cox is a man of powerful intellect, whose selfless service of his constituents and of his country has earned the respect of everyone he has worked with, and he has never lost sight of why he was here. I know he will continue to serve the people of the United States with unfailing dedication and the utmost integrity. That is how his colleagues in Congress knew him, and that is how his new colleagues at the SEC will come to know him. President Bush gave Chairman Cox this mission to the SEC: "To continue to strengthen public trust in our markets so the American economy can continue to grow and create jobs." Mr. Speaker, if the success of his congressional career is any guide, there is no doubt that Chairman Cox will accomplish this mission. I offer my sincere thanks to Chris for the pleasure of working with him as a member of the California delegation, as a dedicated disciple of President Reagan and as a force for progress here in the House of Representatives. I wish him the very best as he embarks on this new path. Mr. RADANOVICH. Mr. Speaker, I rise today to pay honor and congratulate a now former colleague of mine, Congressman Christopher Cox. Mr. Cox has served the U.S. House of Representatives with great distinction for six terms. For 10 years Mr. Cox displayed his tremendous leadership capability as chairman of the House Policy Committee, and most recently as the founding Chairman of the House Committee on Homeland Security. In June of 2005, the President of the United States had the foresight to recognize Mr. Cox's leadership ability and subsequently appointed Mr. Cox, Chairman of the Securities and Exchange Commission. Mr. President, you made a very fine choice. Mr. Cox holds an M.B.A. from Harvard Business School, as well as a J.D. from Harvard School of Law. He has taught Federal income tax courses at his alma mater. During former President Reagan's second term, Mr. Cox served as his Senior Associate Counsel. While serving in the U.S. House of Representatives Mr. Cox served in a capacity of leadership in every committee with jurisdiction over investor protection and U.S. capital markets. It seems obvious to me, as I'm sure it does to the rest of my colleagues that Mr. Cox is very well qualified for his new position. While the citizens of Mr. Cox's 48th District will surely miss his commitment, I am sure they share my sentiments of congratulation to Mr. Cox for receiving this new appointment. I have thoroughly enjoyed my time as a colleague of Mr. Cox and look forward to working with him in his new capacity. Mr. THOMAS. Mr. Speaker, I rise today to honor my friend and former colleague from California, Christopher Cox, for his excellent service as a Member of the House of Representatives and to wish him well in his tenure as Chairman of the Securities and Exchange Commission, SEC. I commend the President for selecting Chris to serve in that capacity because Chris has the proven leadership ability, intelligence, fairness, and experience necessary to successfully manage the SEC, which has an integral role in ensuring our Nation's continued economic growth and prosperity. I have had the great pleasure of working with Chris as he exhibited his leadership abilities in the House through his service for over a decade as the Chairman of the House Republican Policy Committee and most recently as Chairman of the Committee on Homeland Security. As many of you know, Chris has impressive academic credentials, which include earning both an M.B.A. and law degree from Harvard, where he also served as an editor of the prestigious Harvard Law Review. These credentials were supplemented through his service as a Federal appellate law clerk and as Senior Associate Counsel to the late President Reagan. Moreover, Chris' experience has provided him with a broad and deep understanding of how our Nation's capital markets operate. As an attorney with an international law firm, Chris specialized in venture capital and corporate finance, and in his 18 years of service as a Member of the House, Chris served on the Energy and Commerce, Financial Services, and Government Reform Committees. During his House career, Chris was an ardent proponent of legislation to improve the budget process, eliminate the double tax on shareholder dividends, reform medical malpractice litigation, and repeal the estate tax. I worked with Chris on these issues and I am pleased that we were able to enact legislation to address capital gains, dividends, and estate taxation. While I will miss working with Chris in the House, I look forward to working with him in his new role. Accordingly, I ask my colleagues to join me in wishing him well as he continues to serve as a free-market advocate in his new capacity. Mr. GARY G. MILLER of California. Mr. Speaker, I rise today to honor our former colleague and my good friend, the Honorable Christopher Cox. For almost 20 years, Chris Cox has served his country nobly, admirably, and to the best of his ability as a public official and legislator. Now President Bush has tapped him for a new chapter in his public service career as the next Chairman of the Securities and Exchange Commission. In making this choice, the President could not have picked a more qualified, a more determined, and a more able candidate. Chris Cox has extensive experience as an attorney specializing in venture capital and corporate finance and a lecturer at Harvard Business School where he taught Federal income tax law. He began his service to our nation as a Senior Associate Counsel to President Reagan, advising the President on a range of issues. Now he will continue this service in a different capacity as the Chairman of the SEC, where he will have a platform to encourage corporate responsibility and raise investor confidence. From 1988, until very recently, Chairman Cox represented Orange County faithfully in the U.S. Congress. In this body, his leadership was essential in authoring the Private Securities Litigation Reform Act and the Internet Tax Freedom Act. Chairman Cox was also instrumental in the creation of a permanent Homeland Security Committee, on which he served as the first Chairman. No matter his role in this House, he continuously worked for a smaller and more efficient government, a fiscally responsible budget, and an overall better America. For the last 7 years, I had the great privilege of being his colleague in this House. Here I witnessed firsthand the depth of his intellect and the extent of his devotion to our nation. I also witnessed his compassion and care for the residents of south Orange County. He represented them loyally and they rewarded him with eight consecutive reelections to the House of Representatives. As Chairman Cox leaves these halls to continue his public service at the SEC, I can say with certainty that he will be missed by his fellow lawmakers, his constituents, and the American people. We can take solace, however, in his call to a higher duty. In this time of war and economic uncertainty, America needs capable leaders--leaders with experience, with knowledge, with determination--leaders like Christopher Cox. As Chris Cox begins his new challenge as Chairman of the SEC, I am confident that the qualities that made him such a great Congressman will likewise make him an excellent Chairman. Ms. LORETTA SANCHEZ of California. Mr. Speaker, I rise today to thank my colleague, Chris Cox, for his service to this House, and to Orange County California, a region we both had the privilege and the responsibility to represent. I would also like to take this opportunity to wish now Commissioner Cox good luck in his new position at the Securities Exchange Commission, SEC. As a former constituent, a member of the investment banking community, I know how important Mr. Cox's new job is to the health and security to our Nation's economy. The job of the SEC is to maintain investor confidence in our financial markets. I would urge my friend to invest more resources in maintaining that confidence. That would include going after insider- trading cases, and preventing scandals, like Enron and WorldCom, that undermine our system. We shouldn't forget that it's the small investors, and workers depending on their pensions, that get hit the hardest by these scandals. I would also urge the Commissioner also to think about the future and to help reform the New York Stock Exchange, and other exchanges, to bring them into the 21st Century. Instant trading is a fact in the market. It needs to be brought to the floor of the NYSE. In closing, I would like to thank Chris Cox again for his service and wish him all the best at the SEC. I look forward to working with him and helping to make our nation's future, safe, fair and secure. Mr. GALLEGLY. Mr. Speaker, I rise in honor of my friend, former colleague, fellow Californian and Securities and Exchange Commission Chairman Christopher Cox. A capable and affable leader, Chris is well-suited to be the 28th SEC chairman. While in Congress, he served as a senior member of every committee with jurisdiction over investor protection and capital markets, including the House Energy and Commerce Committee, the Financial Services Committee, the Government Reform Committee and the Budget Committee. He also served as chairman of the Task Force on Budget Reform. He authored the Private Securities Litigation Reform Act and the Internet Tax Freedom Act. It was no surprise that the Senate unanimously confirmed his SEC chairmanship on July 29, 2005. Mr. Speaker, I know my colleagues will join me in honoring Chris Cox for his service in the U.S. House of Representatives and wish him Godspeed at the SEC.

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