Both the New York Stock Exchange and the U.S. Securities Industry Association are applauding the U.S. Senate confirmation of the new Securities and Exchange Commission chairman Christopher Cox.

Cox will head an agency that for two years blasted away at corporate America like never before under his predecessor, William Donaldson, who resigned June 30.

Donaldson’s two-year crackdown left the investor protection agency under attack by business.

The securities industry lobby group, the SIA, said that it looks forward to working with him and the commission on balanced, effective regulation that meets the needs of both investors and the industry. The association also welcomed new commissioner Annette Nazareth and congratulated commissioner Roel Campos on his reappointment.

“As chairman Cox takes charge of the SEC, he has the opportunity to solidify the commission’s position as the preeminent national regulatory authority for the industry, improve securities regulation by returning balance to the process, and eliminating costly and unnecessary regulations,” said SIA chairman Danny Ludeman, president and chief executive officer, Wachovia Securities.

“The SEC is in good hands with chairman Cox,” added SIA president Marc Lackritz. “He has an excellent knowledge of the industry and the capital markets. We are ready to work with him to achieve effective investor protection and provide relief to the industry from burdensome, costly, and unnecessary regulation.”

John Thain, CEO of the New York Stock Exchange, echoed those words. “Chairman Cox assumes leadership of the SEC during one of the most challenging and dynamic periods in the history of our nation’s financial market system. We look forward to working with chairman Cox and the commission to ensure the highest levels of integrity, fairness and market quality that investors and issuers deserve and have come to expect,” he said. “Investors, issuers, our markets and the SEC will also be well served by another term of service for Roel Campos and the appointment of Market Regulation director Annette Nazareth as commissioner,” Thain added.

“Commissioner Campos has proven an effective and tireless champion of both investors and business, and his focus on international financial services issues could not come at a more important time for the country. Ms. Nazareth has tremendous expertise in the issues facing the commission, and has demonstrated her dedication to the agency’s mission through her years of public service. They both offer exceptional knowledge, experience and commitment to an SEC whose role in our domestic and global economies is more vital than ever.”