McCain calls for Bush to fire SEC's Chris Cox

Sen. John McCain on Thursday called for President Bush to fire the chairman of the Securities and Exchange Commission, while he and his campaign charged that Sen. Barack Obama is using the current economic crisis as a political opportunity.

McCain, distancing himself from the Bush administration, said heads should roll, starting with SEC Chairman Christopher Cox, appointed by the president in 2005.

"The primary regulator of Wall Street, the Securities and Exchange Commission (SEC) kept in place trading rules that let speculators and hedge funds turn our markets into a casino," he said. "The chairman of the SEC serves at the appointment of the president and has betrayed the public's trust. If I were president today, I would fire him."

McCain said the SEC allowed "naked short selling," which means that traders were selling stock without ever owning it. He also said federal regulators last year eliminated the "uptick rule" that regulates short selling and has protected investors for 70 years.