A lot has been written about the pros and cons of the SEC's new rules regarding short-selling. However, perhaps even more significant--but widely overlooked--is the fact that on Wednesday, the SEC approved the changes with a 3-2 vote.
This is a big deal, folks. Christopher Cox, SEC chairman during President Bush's second term, was widely criticized for his policy that the regulator only passes new rules unanimously. His goal was to avoid partisan votes, since commissioners are typically chosen based on party affiliation. However, keep in mind that there cannot be more than three commissioners from the president's party.