WASHINGTON (HedgeWorld)–The full U.S. Senate, acting on a favorable report from its banking committee, voted to confirm President George W. Bush's three nominations to the Securities and Exchange Commission Friday, thus elevating Annette Nazareth to commissioner, extending the tenure of Commissioner Roel C. Campos to 2010, and making Rep. Christopher Cox (R-Calif.) the new chairman, succeeding William Donaldson.
Industry associations this weekend expressed pleasure at Mr. Cox' new post. In a statement, John G. Gaine, president of the Managed Funds Association, said that the MFA looks forward to a productive working relationship with the new chairman. He also congratulated the other two appointees.
"As the hedge fund industry prepares for mandatory registration, MFA will be working more closely than ever with the Commissioners and their staffs to facilitate a constructive dialogue between the agency and our members," the statement said.
The Securities Industry Association, which represents investment banks, broker-dealers, and mutual fund companies, weighed in on Saturday. Its statement quoted President Marc E. Lackritz as saying that the SEC is now in good hands.
