President-elect Barack Obama is looking for a new chairman of the Securities and Exchange Commission to replace departing chair Christopher Cox.

Cox has received blunt criticism in recent weeks from members of Congress over his deregulation of the financial markets, especially during a hearing last month on the causes of the financial crisis. During the presidential campaign, Sen. John McCain, R-Ariz., called for Cox to be fired.

Cox, a former Republican congressman, has said he plans to step down at the end of the Bush administration. John White, director of the SEC's division of corporate finance, also plans to step down and will be returning to his old law firm, Cravath, Swaine & Moore, advising corporate boards on governance issue.

Possible replacements for Cox include former SEC commissioner Harvey Goldschmid, who is currently a Columbia University law professor, and Damon Silvers, a lawyer at the AFL-CIO, according to The Wall Street Journal.

Other possibilities, according to Bloomberg News, include William Brodsky, chief executive of the Chicago Board Options Exchange; Mellody Hobson, president of Ariel Investments; Gary Gensler, a former Treasury Department undersecretary and partner at Goldman Sachs; former Fidelity Investments chairman Robert Pozen, who chaired the SEC's Advisory Committee on Improvements to Financial Reporting; and Federal Deposit Insurance Corp. director Martin Gruenberg.

The Obama transition team is setting up a new Web site,, that will provide a guide to the transition process, solicit recommendations from U.S. citizens and allow job seekers to apply for posts in the administration.

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