Rip Van Winkle SEC Chairman Cox magically sees the light.

CDSes Must Be Regulated:

U.S. Securities and Exchange Commission Chairman Christopher Cox said Congress should grant authority to regulate the credit-default swaps market amid concern the bets are helping fuel the global financial crisis.

Lawmakers should ``provide in statute the authority to regulate these products to enhance investor protection and ensure the operation of fair and orderly markets,'' Cox told the Senate Banking Committee today at a hearing in Washington.

``Neither the SEC nor any regulator has authority over the CDS market, even to require minimal disclosure,'' and that should be addressed ``immediately,'' Cox said in prepared testimony at a hearing to consider the federal government's $700 billion financial rescue plan

Gee wiz, people with less expertise than he have been saying this for some time now. Did the threat of being publicly fired by McCain have some effect?

Note the New York Governor got on the ball before the SEC.