Businesses in the United States are expecting a more pro-business approach to regulation from the Securities and Exchange Commission (SEC) following the nomination of California Republican Rep. Christopher Cox to the role of Chairman.
Earlier this month, William Donaldson, known for his tough approach to 'cleaning up' the corporate sector following various scandals, announced that he would be stepping down at the end of June, following two and a half years in the position.
Although the appointment has been welcomed by the business community, others fear that Cox will shrink from the kind of agressive enforcement which characterised Donaldson's reign, potentially leading to an increase in corporate governance failings.
"I think we're going to see something of a U-turn," Columbia law professor and securities regulation expert John Coffee told the Chicago Tribune, going on to observe that:
"The moment you lay off the night watchman, the greater is the likelihood you will have more Enrons and WorldComs."
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