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News July 25, 2005 Issue

What a 2-2 Commission Vote Looks Like

On July 15, the Commission voted on whether to grant a stay of its independent chair and 75 percent independent director rules, in response to motion filed by the U.S. Chamber of Commerce earlier this month.

Acting SEC Chairman Cynthia Glassman and Commissioner Paul Atkins voted in favor of granting the stay; Commissioners Harvey Goldschmid and Roel Campos voted against. "The Commissioners being evenly divided, the Motion has not been granted," said the SECís order. In other words, since there was a 2-2 tie, the answer was "no."

The composition of the Commission will change soon enough.

Last week, the Senate Banking Committee announced that on the morning of July 26, it will consider the nominations of Christopher Cox and Annette Nazareth, current director of the SECís Division of Market Regulation, as Chairman and Commissioner, respectively. The committee also will consider the re-nomination of Commissioner Roel Campos.