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."

A Congressman since 1988, Cox was nominated to head the SEC by President Bush in June and confirmed by the Senate last month. He replaces William Donaldson, who resigned on June 30 after a little over two years on the job.

The Securities Industry Association, which represents Wall Street brokerages, also praised Cox in a statement and urged him to consider less costly regulation, more balanced supervision and uniform national and international standards.

For the past 10 years, Cox has served in the elected majority leadership of the House of Representatives. Most recently, he was chairman of the House Committee on Homeland Security. Prior to his election to Congress, Cox served as a White House counsel to President Reagan; as a securities partner in the law firm of Latham & Watkins; as a member of the faculty of Harvard Business School; and as the co-founder of Context Corp., publisher of the English translation of the Soviet Union's daily newspaper, Pravda.

Chairman Cox officially began his duties Thursday. His first day's schedule included a mid-morning address to the SEC staff in the Commission's auditorium.

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