Christopher Cox's Revenge

The fellow is tired of being McCain's kicking stool:

But Cox was refreshingly forthright.

It's also important to note that legislation has expressly excluded CDS from regulation even of the most modest kind, such as disclosure, and the lack of disclosure, the lack of transparency, around this market is one of the reasons that we as a law enforcement agency, but also market participants, are very, very concerned about this.

Italics mine.

If I'm not mistaken, the legislation Cox is referring to is the Commodity Futures Modernization Act of 2000, a bill that former Senator Phil Gramm was instrumental in passing.

Maybe Cox is still smarting at the attack launched against him last week by Gramm's disciple in all affairs economic, John McCain. McCain said Cox hasn't been doing his job. Well here, Cox appears to be saying that one of the reasons the SEC hasn't been able to do its job is because it was handcuffed by legislation that McCain's economic advisor, Phil Gramm is responsible for enacting. Touche!