Hey all,
I'm one of the writers over at CAP's blog, ThinkProgress. It's not often that we post here, but we're trying to spread the word on what we think is an amazing opportunity for progressives to bring corporate crime/CEO pay/Enron issues back to the fore of the American political debate, and we really need your help.
More on the flip...
(And FYI, if you think this post is worthy, pls recommend. We really want to push this issue.)
As many of you know, William Donaldson, the SEC chair (basically the top enforcer of corporate reform efforts) announced his resignation on Wednesday. Donaldson was an incredibly rare character -- a responsible, competent member of the Bush administration. Under Donaldson's watch, the SEC implemented a number of reforms that have clamped down on corporate wrongdoing, restored investor confidence and protected the public.
That naturally raised to hackles of rabid corporatist groups like the right-wing Chamber of Commerce, who for months have pushed the White House to replace Donaldson with a more pliant figure. Yesterday, the White House did just that, nominating Rep. Chris Cox (R-CA) for the SEC job.
Cox is Donaldson's polar opposite. He spearheaded the 1995 bill that torpedoed protections for corporate investors while shielding companies and their accountants (like Enron and Arthur Andersen) from investor lawsuits. His political career has been financed massively by the securities, investments, and accounting industries - the same industries he'll be charged with overseeing.
So what do we want? In the weeks to come, we need to turn the debate over Cox's nomination into a referendum on the Bush administration's policies, as we have done so well with John Bolton.
The importance of Cox's nomination is clear: it is President Bush's attempt to roll back the clock to the pre-Enron/WorldCom days, which means undercutting or erasing all of the reforms Congress and Donaldson pushed through in Enron's wake, and fundamentally weakening our economy.
Does this mean blocking Cox's nomination? Not necessarily -- that's a debate for later. But even if Congress decides to confirm him, it must be seen as a clear move by conservatives to side with Big Business over ordinary investors, and to endorse the Enron economy that did so much harm to working- and middle-class Americans.
So what do I need to do? Simple enough: Get informed about Cox, get this issue on your radar, and start raising hell. We can't wait for another major corporate scandal to get corporate responsibility back on the media's agenda. The time is now -- and Chris Cox's nomination will provide us with that chance. Let's grab it.
Ammo for the Fight:
Yesterday's Progress Report: "Lobbyists Scalp Donaldson" -- a great overview of what's going on.
Today's Progress Report: "The Case Against Chris Cox" -- the most thorough profile of Chris Cox you'll find.
Progress Report: "The War on Reform" -- all you need to know on the right's efforts to undermine Donaldson and corporate reform.
ThinkProgress coverage of Cox: We've been following this closely the past few days.