Corporations and securities brief ~ Senate panel approves Cox for SEC chair

Corporations and securities brief ~ Senate panel approves Cox for SEC chair

[JURIST] Leading Thursday's corporations and securities law news, the US Senate Banking Committee [official website] has approved Rep. Christopher Cox [Wikipedia profile]'s nomination to head the Securities and Exchange Commission (SEC) [official website]. The nomination will now go before the full Senate for final approval. The approval followed days of questioning where Cox vowed to vigorously enforce SEC regulations [JURIST report]. The panel also approved the nominations of two other Commissiners. Reuters has more.

In other corporations and securities law news…

  • A Senate panel has approved a bill to tighten congressional control of Fannie Mae [corporate website] and Freddie Mac [corporate website]. The proposed bill would force the government chartered mortgage companies to liquidate all of their non-mortgage related assets. A Freddie Mac spokeswoman said the bill “jeopardizes future generations of homebuyers and renters.'' In a statement, Fannie Mae said they support congressional oversight of their portfolio so long as it ensures "they are conducted in a safe and sound manner." The bill faces tough opposition from Senate Democrats before it can be approved and a bill in the House that does not force the companies to sell off their assets. Bloomberg has more.
  • The US Department of Justice [official website] may soon indict Joe Nacchio, ex-CEO of Qwest Communications [corporate website]. US Attorney William Leone asked a federal judge in Denver to postpone an SEC-filed civil suit against Nacchio and other former Qwest executives, a move that experts say means the DOJ plans to indict Nacchio soon. A former Qwest CFO recently pleaded guilty to insider trading and is expected to testify [JURIST report] against Nacchio. USA Today has more.