William Galvin, secretary of the commonwealth of Massachusetts, expressed doubts about President Bush's appointment last week of Californian Republican Christopher Cox as the new chairman of the Securities and Exchange Commission, Dow Jones reports.

"The pending nomination of Mr. Cox and other anticipated vacancies at the SEC raises a more serious question: Is the era of reform and vigorous enforcement over?" Galvin asked at a hearing before the U.S. House Subcommittee on Commercial and Administrative Law.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.