Former Latham & Watkins partner Chris Cox has been appointed chairman of the Securities and Exchange Commission (SEC) on the last day before the Senate’s summer recess, with the US market now waiting to see if his tenure will take the predicted pro-business stance.

The US Senate voted him in on Friday (29 July) to serve a four-year term as head of the US markets watchdog, one of the most influential regulatory posts in the world. He will stay SEC chief until at least June 2009.