Federal Reserve Chairman Alan Greenspan swore Christopher Cox in last Wednesday as the 28th chairman of the Securities and Exchange Commission.

Investment Company Institute President Paul Schott Stevens issued a statement shortly after, praising Congress' choice. "A strong, effective SEC is a matter of vital importance to mutual funds and their shareholders," Stevens said. "The broad bipartisan support for his nomination underscores the quality of leadership and breadth of experience that Chris Cox brings to his new post."

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