In his first year as chairman of the Securities and Exchange Commission, Christopher Cox confounded both supporters and detractors by taking a more moderate and nuanced position than they had predicted on a variety of regulatory issues, based on his record as a conservative Republican lawmaker.
In recent weeks, however, Mr. Cox has begun to send signals, both directly and through aides, that he may be swinging the pendulum more toward business and Wall Street interests and against investor groups.
Some investor advocates and securities law experts say that Mr. Cox, by not pushing for tighter regulation of hedge funds and by urging the Supreme Court to adopt a tougher standard for investors in lawsuits, has begun moving closer to the business view that the administration overreacted to the corporate scandals that began with the collapse of Enron in 2001.
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