WASHINGTON - PRESIDENT George W. Bush fully supports the chairman of the Securities and Exchange Commission (SEC), the White House said on Thursday, after Republican White House candidate John McCain called for him to be fired.

'Chairman (Christopher) Cox has the full support and confidence of President Bush,' spokeswoman Dana Perino said, referring to the head of the US government agency in charge of regulating the US securities industry and stock market.

As new finance shocks rocked world markets, Mr McCain said he would fire the SEC chief accusing him of turning Wall Street into a 'casino' and proposed a new trust to rescue troubled companies before they become insolvent.

'The chairman of the SEC serves at the appointment of the president and has betrayed the public trust. If I were president today, I would fire him,' Mr McCain said at a rally in Iowa. -- AFP