By Peronet Despeignes

(FORTUNE Magazine) – In nominating Representative Chris Cox to head the SEC, President Bush signaled he wants to pull back from two years of activism under chairman William Donaldson. But whatever Cox's own free-market inclinations, he'll find himself tugged in many directions as protector-in-chief of investors. Here's what five interested parties think should top the new boss's to-do list.

JOHN C. BOGLE Vanguard founder "Stand fast on requiring an independent chairman for mutual funds and on registration of hedge funds. Resurrect shareholder access to corporate proxies."

ARTHUR LEVITT Former SEC chair "Let the SEC staff know that he supports them. The bad relationship with Eliot Spitzer undermined the SEC, and that's an important bridge that has to be rebuilt."

DAMON SILVERS AFL-CIO associate general counsel "Stay the course. Don't take actions that prevent shareholders from holding directors accountable; don't interfere with stock-option expensing; don't block enforcement cases brought by staff; and don't change accounting boards."

STEVE ODLAND CEO, Office Depot "Continue to regain investor trust in our corporate institutions. However, ensure that improvements al- ready made are properly implement-ed. Balance corporate accountability with the ability of compa- nies to grow, innovate, and create jobs."

"BOOTS" DEL BIAGGIO CEO, Sand Hill Capital "There's been overreach, which means there's not a lot of incentive to go public because of extra costs and re-porting requirements. And we need to rein in these lawyers who've been suing companies at will on stock-price movements."