Cox Recuses from Frist Controversy

The newly minted SEC Chairman has recused himself from the Frist controversy, the Washington Post reports. While this may be technically correct, the nations top securities law enforcer should be able to stay on the job for such a high profile case.
The SEC Chairman cannot be marginalized to deal with low level cases that amount to speeding ticket infractions. In the nominations process what attention was paid to potential conflicts of interest?
Chairman Cox was a Congressman for quite some time. Clearly some conflicts would manifest. Is Congress the appropriate talent pool for SEC Chairman? Will Chairman Cox give up part of his salary because he cannot do the job he was hired for?