John McCain said today that if he were the president, he would fire SEC Chairman Chris Cox. Some Democrats have made hay of this statement, asserting that because the SEC is an "independent agency," the president can't fire the chairman. For examples of that criticism, see that ABC blog post linked above, or ABC's subsequent "Fact Check," or the folks at Daily Kos. Daily Standard contributor Adam White, an attorney, writes in explaining that McCain's critics are completely wrong: It's true that the SEC is an "independent agency," and that the statute creating the SEC (specifically, Section 4 of the...
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