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Financial Regulators Approved by Senate to Play Dodd-Frank Roles

The U.S. Senate confirmed three of President Barack Obama’s nominees for financial-regulator posts, including additions to the Securities and Exchange Commission and Commodity Futures Trading Commission who will have a say in Dodd-Frank Act rulemaking.

Lawmakers today approved Republican Daniel M. Gallagher and incumbent Democrat Luis A. Aguilar as SEC commissioners and Mark P. Wetjen to serve on the CFTC.

Gallagher, a former SEC deputy division chief, will join Aguilar and the agency’s other three commissioners as the agency works to implement more than 100 rules it was assigned to write under Dodd-Frank. Wetjen, a policy adviser to Senate Majority Leader Harry Reid, will replace Democrat Michael Dunn on the five-member CFTC, which is writing rules for the $601 trillion global swaps market.

Acting FDIC Chairman Martin J. Gruenberg, Obama’s choice to lead the agency, and Thomas Curry, the FDIC board member nominated to become comptroller of the currency; and Richard Cordray, the president’s pick to lead the consumer bureau, are awaiting Senate confirmation after they were approved by the Banking Committee.

The confirmations came the day after Obama nominated former Federal Reserve Bank of Kansas City President Thomas Hoenig yesterday to serve as the FDIC’s vice chairman. Hoenig, who served as the Kansas City Fed’s president for 20 years, has been an opponent of large banks, calling for their breakup. In a speech in June, Hoenig said that systemically important financial institutions, or SIFIs, “are fundamentally inconsistent with capitalism.”

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