The Securities and Exchange Commission is about ready to revisit the controversial independent chairman rule, SEC Chairman Christopher Cox told reporters Wednesday. He made the remarks following a House Financial Services Committee hearing. "We're a few days closer" to reopening the issue and putting it to a vote, Cox said.
But the debate will invariably be heated, he said. "This issue was a difficult one for the Commission when it was first considered, and those same battle scars and wounds may be reopened," Cox said. The SEC has twice voted 3-2 to pass the rule, first in June 2004 and again in June 2005.