President Bush is preparing to nominate Christopher Cox to replace William Donaldson as the head of the SEC. The Associated Press reported Thursday morning that Cox's appointment could happen within the day.

Cox, 52, is currently a member of the House, where he has served for the past 16 years. He chairs the House Homeland Security Committee amd serves on the Financial Services Committee.

The A.P. quoted an anonymous White House official as its source.

Donaldson announced that he would retire from the SEC in a press conference Wednesday. His final day at the Commission is set for June 30.

Cox's strong Republican credentials could lead to a showdown in the Senate over his confirmation. Already one Democrat, House member Barney Frank of Massachusetts, has questioned the possible nomination of Cox.

"I am troubled by the prospect of the president appointing a successor to him who will lead the commission in undoing progress that has been made in recent years," said Frank in a prepared statement. 

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