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McCain Flub? Republican Says He'd Fire SEC Chair as President
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ShareSeptember 18, 2008 1:47 PM
ABC News' David Wright reports: At a joint rally in Cedar Rapids, Iowa, Thursday, Republican John McCain slammed the Security and Exchange Commission (SEC) for being "asleep," saying that if he were president, he would fire Chris Cox, the chairman of the SEC since 2005 and a former Republican congressman.
McCain said the SEC has allowed trading practices, such as short selling, to stay in place, that turned the "markets into a casino."
"The regulators were asleep, my friends," McCain said. "The chairman of the SEC serves at the appointment of the president, and in my view, has betrayed the public trust. If I were president today, I would fire him."
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 generally 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.
“While I have great respect for Sen. McCain, we have sometimes disagreed, and this is one such occasion," Cox said in a statement. "The SEC has made plain that we have zero tolerance for naked short selling. In this market crisis, the men and women of the SEC have responded valiantly, as they always do –- with the utmost dedication and professionalism."
The White House said this week it wants to stay out of politics, but a Bush administration spokesperson said today of SEC Chairman Cox, who was nominated by President George W. Bush, "The chairman has the president's support."
Campaigning together in Iowa today, McCain and Gov. Sarah Palin accused the Obama campaign of taking political advantage of the recent economic crisis.
"My opponent sees an economic crisis as a political opportunity instead of an opportunity to lead," McCain said.
Palin said, of Obama, “He likes to point the finger of blame, but does he ever lift a finger to help?”
McCain accused Obama of taking more campaign contributions from Fannie Mae and Freddie Mac executives than anyone, aside from the chair of the congressional committee that regulates the lenders.
“While Sen. Obama was lining his pockets with campaign contributors, he didn’t lift a finger,” said McCain, who took credit for warning Congress of the impending crisis two years ago. McCain also noted that the former head of Obama’s vice presidential search committee, Jim Johnson, was formerly a Fannie Mae executive.
The Obama campaign says that, when talk show host Sean Hannity asked Palin last night whether there should be an investigation of campaign contributions by Fannie and Freddie executives, she deferred, saying, “that’s significant, but even more significant is the role that lobbyists play in this.”
Obama campaign staffers note that several of McCain’s top advisors –- including campaign manager Rick Davis, vice presidential vetter Arthur Culvahouse, and McCain consigliere Charlie Black -– lobbied on behalf of the mortgage giants.
ABC News' Martha Raddatz, Lisa Chinn, Alyssa Litoff, Bret Hovell and Imtiyaz Delawala contributed to this report.
September 18, 2008 in McCain, John, Obama, Barack, Vote 2008: Democrats, Vote 2008: Republicans | Permalink | User Comments (857)
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I don't think the UN can "censor" Russia, Geevill, but they might censure them. LOL
Posted by: Wm. J. LePetomaine | Sep 18, 2008 2:27:51 PM
McCain's reputation for lies and smears seems to be catching up with him as so many see through him.
He is beyond opportunism. Desperate to win no matter what he has to say or do.
Psychiatrists call that pathological.
Almost everyone 'gets it' except for
writer HP (which stands for Carli Fiorina who doesn't know they dumped her for saying McCain and Palin are not qualified to run HP?).
And Donald Trump???
Let him eat cake.
Posted by: susan | Sep 18, 2008 2:28:31 PM
Traci and Emma, pls get a life (and some facutal books to read). Obama did call sponsor a second stimulus package several months ago. McCain has been the most absent senator in the history of the Senate these past two years. The stock market is falling over a cliff and you're worried about what Obama might do? How come you never worried about what McCain and Bush were doing. Get real!
Posted by: CMSgt Preston | Sep 18, 2008 2:28:37 PM
The bottom line is that McCain has a voting record that supports deregulation. Now he wants to pass the buck to the SEC Chair, whom he would have no authority to fire as President.
Posted by: Stacey | Sep 18, 2008 2:29:03 PM
Wow, Mccain is really getting hammered today. Saying he would fire someone the president does not have the authority to fire, appearing confused on exactly where Spain is, hearing senior Republican Senator Chuck Hagel publicly doubting Palin's credentials to be VP, numbers dropping in the polls - and it's only mid-September.....
Posted by: SearamblerOne | Sep 18, 2008 2:29:05 PM
Gotta hand it to you, USVet (by the way, I am one too), Palin does know how to deliver the lines they give her. We'll see how she does on Face the Nation or Meet the Press.
Posted by: Wm. J. LePetomaine | Sep 18, 2008 2:29:19 PM
economic crisis? What economic crisis
The Economy Is Basically STRONG !
The Epitaph : Of McBush and Friend
GW. Bush RIP.. They were both saying
this Last Freaking Week....
Now they want to Blame everyone but
Themselfs.......... a McShame!
Posted by: Anita Yova | Sep 18, 2008 2:29:43 PM
? for Emma - I think Donald Trump actually is a game-changer for the Republicans. You essentially have Obama mocking McCain for saying the fundamentals of the economy are strong, then you have Trump coming out and saying that now is an excellent time to invest (which contradicts Obama). Trump also said McCain's plan will help more Americans prosper. Like him or not, Trump is a man who built his own wealth and helped many others becoming wealthy too - his opinion matters just as much, if not more, than Matt Damon's or Meg Ryan's. When it comes to wealth building, he's someone people listen to.
Posted by: Just following along | Sep 18, 2008 2:30:30 PM
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.
McCain just flunked the job application
now time to stump his VP (intern) candidate as she challenged.
Posted by: watching | Sep 18, 2008 2:30:41 PM
Obama picked Joe MNBA as his vice president. The credit card industry loves biden.
Harvey Pitt was pushed out at the SEC.
No Sec chairman is going to stay on without the confidence of the president.
Posted by: Jason | Sep 18, 2008 2:32:14 PM
Three Dog Night was just on oldies radio singing "I've Never Been to Spain." Should be Kermit and Miss Piggy's theme song!
Posted by: Wm. J. LePetomaine | Sep 18, 2008 2:33:17 PM
Wow..the dumb and ignorant are going to be excited about wealth redistribution which is what Obama/Biden want. POSTED BY EMMA.....
EMMA, WHAT exactly do you think IS going on? And has been going on for years??
I take it you are okay with wealth redistribution as long as it taken by the wealthy and the well connected and robbed from the middle class?
Posted by: Truth Matters | Sep 18, 2008 2:33:28 PM
Obama hired the CEO of fannie mae for his VP search jim johnson and then picked Joe Biden.
Obama the same guy who bought land from rezko while rezko was under federal investigation for influence peddling.
If you want a south side chicago corrupt pol as president vote Obama. Vote for the protege of wright and rezko.
McCain warned about Fannie and Freddie in 2006. Obama said nothing.
Posted by: Steve | Sep 18, 2008 2:34:17 PM
USVET,
Mccain himself right in the jaw with this inaccurate comment!
Posted by: TW | Sep 18, 2008 2:34:33 PM
THE STOCK MARKET CRASHING DOWN IS THE RESULT OF 8 YEAR'S OF BUSH'S FAILED POLICIES AND 6 1/2 YEAR'S OF THE REPUBLICAN'S POOR AGENDA. IF YOU REPUB'S WANT THE REST OF THE COUNTRY TO COME CRASHING DOWN, AND PUT US ALL IN THE POOR HOUSE, JUST KEEP VOTING FOR YOUR DUMBASS CANDIDATE'S AND YOUR HALF ASS BACKWARD'S PARTY !!!
Posted by: James | Sep 18, 2008 2:35:59 PM
Well George McCain is simply learning from Ms. Palin - you can fire who you want to and the courts be darned. This isn't news.
Posted by: OnTheGloryRoad | Sep 18, 2008 2:36:43 PM
I think HP Boston is ill.
Posted by: Ivy | Sep 18, 2008 2:36:44 PM
DEREGULATION = McCain
Posted by: To Summarize | Sep 18, 2008 2:37:14 PM
To Wm:
Obama called the leader of canada the president of canada.
Obama called maliki the president of iraq.
Obama said 57 states.
Obama said 10,000 died in a tornado in kansas.
Obama had never been to western europe before last month.
McCain goes to europe every year for a nato security conference.
Obama called sunrise florida sunshine florida.
Joe Biden called Palin the lt governor.
The reporter had just asked McCain about chavez and latin america. She had a thick accent and you can't hear what she was saying.
You Obamabots are so far left you have gone off the road.
Obama was in kansas city and said he was in st louis.
Obama the affirmative action candidate so we can tell the rest of the world we elected Hussein as president.
Posted by: Jesse | Sep 18, 2008 2:37:21 PM
"The Pain in Spain Falls Mainly on McCain" Hee-hee
Posted by: Wm. J. LePetomaine | Sep 18, 2008 2:37:28 PM
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