Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Financial Regulators Approved by Senate to Play Dodd-Frank Roles

Oct. 21 (Bloomberg) -- 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.”

To contact the reporter on this story: Jesse Hamilton in Washington at jhamilton33@bloomberg.net.

To contact the editor responsible for this story: Lawrence Roberts at lroberts13@bloomberg.net.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.