Roel Campos, one of five SEC commissioners and one of the two Democrats, is stepping down in a month, leaving for the private sector.
“I have been quite fortunate and privileged to have served the American investor at a crucial period in the history of U.S. markets,” said Campos. There is no indication as of yet where he’s heading. SEC Chairman Cox said of Campos that he “worked tirelessly, both at home and abroad, for the protection of investors and the betterment of the U.S. markets.”
Campos, a former federal prosecutor and securities lawyer was appointed as the first Hispanic commissioner by President Bush in August 2002. and was reappointed in 2005. His current term wasn't to end until 2010. On his departing three years early, one securities trader said: "He was a great guy, he must have gotten an offer he couldn't refuse."
Campos was the less outspoken of the two Democrats, the other being Annette Nazareth, the director of the SEC’s market regulation unit, which oversees the stock markets. Cox gave credit to Campos for working with foreign businesses after the passage of Sarbanes Oxley in 2002, which imposed new responsibilities on executives and auditors as well as improving disclosures to investors in 401(k) plans.
With Campos out, President Bush must appoint another Democrat, although he may be appointing a new Republican soon as well. Rumor is that Paul Atkins, whose term expires next summer, is also considering leaving the Commission, possibly for the Commodity Futures Trading Commission.