13 Possible Replacements for SEC Head Cox

Who will replace Christopher Cox as chairman of the U.S. Securities and Exchange Commission?

The former Republican Congressman has been in office since 2005 and plans to leave when the Obama Administration takes power. Early in his tour, this devotee of Ayn Rand drew good reviews for not being as unabashedly pro-management as many feared. More recently, he has seemed out of the loop as Treasury Secretary Henry Paulson has put together much of the financial bailout. Cox’s “self regulation” policies are blamed for making the situation worse.

Here are possible lineups from two insiders. First, here’s the list from Politico.com:

•  Bill Brodsky, the chairman and CEO of the Chicago Board Options Exchange who has also served as president and CEO of the Chicago Mercantile Exchange.
• Harvey Goldschmid, a Columbia Law School professor and former SEC commissioner (2002-2005) and General Counsel (1998-1999).
• Mellody Hobson, president of Ariel Investments, a financial contributor on Good Morning America, a director of Starbucks and a former Princeton University trustee.
• Bill McLucas, chairman of the law firm WilmerHale’s Securities Department and a longtime member of the SEC’s Division of Enforcement. 
• Bob Pozen, chairman of MFS Investment Management. He’s the former vice chairman of Fidelity Investments and president of Fidelity Management & Research Co.
• Damon Silvers, associate general counsel for the AFL-CIO and a member of the Public Company Accounting Oversight Board standing advisory group, among other corporate governance task forces.
• Nancy Smith, vice president of AARP Financial Inc., a registered investment adviser and subsidiary of the seniors’ lobby. She’s also been director of the SEC Office of Investor Education and a New Mexico securities commissioner.

Secondly, here’s a list from TheDeal.com:

• Arthur Leavitt, SEC chairman from 1993 to 2001.
• Mary Schapiro, CEO of Finra.
• John Olson, partner at the Gibson Dunn law firm.
• Harvey Goldschmid as noted before.
• Roel Campos, former, pro-investor SEC commissioner now with the Cooley, Godward Kronish law firm. For an interview I did with him, click here.
• Annette L. Nazareth, another pro-investor, former SEC commissioner who used to head the SEC’s market regulation department.
• Elisse Walter, a current SEC commissioner. She’s a Democrat whom Barack Obama could simply promote to the chairmanship.

Whoever gets to be chairman will be facing great turmoil as myraid plans come together to reorganize financial regulation.