Cox also targeted municipal securities fraud. In April 2008 the SEC charged five former San Diego city officials with securities fraud involving billions in undisclosed pension liabilities that had placed the city and taxpayers in serious financial jeopardy. Throughout his chairmanship he railed against the inadequacy of disclosure to investors in municipal securities, which the SEC does not regulate, and asked Congress for explicit authority for the agency to do so. In December 2008, the SEC under his leadership authorized the creation of a free, Internet-accessible repository for municipal finance disclosure. "With liquidity problems of municipal auction rate securities and rating downgrades of municipal bond insurers contributing to the current credit crisis, the disclosure and transparency of the municipal markets have never been more critical," he said.