SEC Chairman Chris Cox announced the process for selecting a new chairman of the Public Company Accounting Oversight Board (W$J):

Each commissioner will recommend as many as three individuals, and the agency will solicit names from outside the SEC. The commissioners will have five days to indicate their preferences, and any candidate without support from at least three commissioners will be dropped. A shorter list of nominees then will be circulated among the commissioners, who will be given one day to select the person they want to run the PCAOB. Finalists will be subjected to a 30-day background check, interviews and other formalities.

So far Cox has been deliberate in his tenure as SEC Chairman, but his cautious approach is winning fans, including me. This process for selecting PCAOB members will serve the commission well, as will Cox's attempt to develop standards for corporate fines.

So far, so good.

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