A day after Securities and Exchange Commission Chairman William Donaldson announced that he would step down from his post at the end of the month, President Bush announced his nomination of Republican Congressman Christopher Cox of California as the next head of the SEC.

"Chris will vigorously enforce the rules and laws that guarantee honesty and transparency in our markets and corporate boardrooms. He will be an outstanding leader of the SEC," President Bush said in making the announcement early Thursday. "Bill Donaldson has set high standards for American business and the SEC, and Chris Cox is the right man to carry on this important work."

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