Investment Company Institute President Paul Schott Stevens has commended the Securities and Exchange Commission on its choice of confirming Representative Christopher Cox as its chairman.

"A strong, effective SEC is a matter of vital importance to mutual funds and their shareholders. The broad bipartisan support for his nomination underscores the quality of leadership and breadth of experience that Chris Cox brings to his new post," Stevens said.

"We congratulate him as he undertakes his duties as SEC Chairman, and we look forward to working with him and all members of the Commission on matters affecting America's mutual funds." Stevens continued.

When Cox served as congressman, he took a number of pro-business positions, including reducing dividend and capital gains taxes. That said, the new SEC chairman is expected to take more consensus-building, middle-of-the-road positions going ahead. That would inevitably mean leaving a number of new mutual fund rules and regulations in place.

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