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Politics : THE WHITE HOUSE
SPY 670.92+0.1%Nov 7 4:00 PM EST
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To: DuckTapeSunroof who wrote (22604)9/18/2008 5:40:09 PM
From: pompsander  Read Replies (1) of 25737
 
Now... as far as 'firing' the head of the SEC --- he serves at the pleasure of the President.

And President Bush just issued a statement today saying Sec. Cox had his full support....
________________

Gotcha, Buddy....not true. The SEC head can't be removed by the Pres. Not Technically, anyway.

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But while the president nominates and the Senate confirms the SEC chair, a commissioner of an independent regulatory commission cannot be removed by the president.

From time to time, presidents have attempted to remove commissioners who have proven "uncooperative." However, the courts have general upheld the independence of commissioners. In 1935, President Franklin Delano Roosevelt fired a member of the Federal Trade Commission and the Supreme Court ruled the president acted unconstitutionally.

Asked how McCain would fire Cox if the president does not have the formal power to fire the chairman of the Securities and Exchange Commission, the McCain campaign pointed to former SEC Chairman Harvey Pitt who resigned in 2002 when it was made clear to him that he had lost the confidence of the Bush administration.

"Not only is there historical precedent for SEC Chairs to be removed, the President of the United States always reserves the right to request the resignation of an appointee and maintain the customary expectation that it will be delivered," said McCain spokesperson Tucker Bounds.

SEC Chair Chris Cox released a statement Thursday in which he disagreed with McCain that he should be fired and defended the regulatory agency he heads.

blogs.abcnews.com
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