Chairman Cox Departs

With little fanfare, Chairman Cox has stepped down.  There is no press release posted on the SEC web site but his picture no longer appears on the site. 

His term went until the summer but his tenure as chairman was over (the chair of the Commission serves at the discretion of the President).  The resignation was expectd and, by creating an opening on the Commission, makes way for the appointment of Mary Schapiro.  President Obama will presumably approve an acting chair, designating either Walter or Aguilar, one of the two democrats on the Commission, who will serve until Schapiro's confirmation.  No word on where Chairman Cox will end up.