The financial world's "techtonic plates" are colliding, but don't fear earthquakes -- Christopher Cox says America's capital markets are doing just fine. The SEC chairman addressed the U.S. Chamber of Commerce Wednesday about the dizzying pace of global capital -- and how America can maintain its competitive edge.
Cox joined "Morning Call" to share the gist of his Chamber speech: the evolution of centuries-old capital markets via rapid-fire international integration. He likened the globalization to continental shifts -- and predicted a "great deal of upside" for individual investors, who'll enjoy access to foreign stocks within "our system of high investor protection."
The SEC chief took on the Sarbanes-Oxley Act, quoting Warren Buffett's concerns over "short-termism." Cox told CNBC's Mark Haines that the real problem with Sarb-Ox is the infamous Provision 404, whose "implementation was too expensive" and "needs to be fixed."