McCain, Obama Spar Over SEC Chairman CEDAR RAPIDS, IA (Associated Press) -

If he were president, John McCain says one thing he'd do in response to the turmoil in the financial markets is fire the chairman of the Securities and Exchange Commission.

The Republican presidential nominee told a campaign rally in Cedar Rapids, Iowa, that SEC Chairman Christopher Cox "has betrayed the public's trust." President Bush appointed the former Republican congressman to the post three years ago and his term ends next June.

An SEC spokesman said he had no immediate comment.

In his speech, McCain also proposed creating a trust to work with the private sector and regulators to identify mortgage and financial institutions that are weak and take measures to strengthen them. He said the country needs "a plan that doesn't wait until the system fails."

Reacting to McCain's comments about firing Cox, Obama campaign adviser Linda Douglass said what needs to be fired are "the economic policies of George Bush."
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