Steven S. Scholes was quoted on November 11 by Law360 in an article regarding the greater level of regulation expected under Obama's Securities Exchange Commission (SEC). Mr. Scholes noted that the current enforcement staff has suffered from low morale under Christopher Cox's leadership and from signals sent by the Bush administration. He added that while the number of cases pursued by the SEC has increased, the cases tend to be small and focused on individuals rather than companies. "A new chairman, for example, who has a more aggressive bent toward enforcement can certainly cause the current staff to be much more aggressive and robust," he noted. "I think that it is very easy to understand the case that additional regulation is needed given what we've been through this year to date," Mr. Scholes added.