Senate panel to vote on 7 SEC, financial nominees

Reuters News
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Posted: Sep 02, 2011 8:09 PM
Senate panel to vote on 7 SEC, financial nominees

WASHINGTON (Reuters) - The Senate Banking Committee on Friday said it will vote next week on the nominations of seven individuals for senior federal regulatory positions, including two Securities Exchange Commission members.

The committee plans an executive session on Thursday to vote on the nominations of Luis Aguilar, a Democrat who has been serving as a commissioner at the SEC since 2008, and Daniel Gallagher, a Republican, who is currently a partner at law firm Wilmer Cutler Pickering Hale and Dorr.

David Vitter, a Republican, had planned to block the SEC nominations due to concerns that the agency was not moving quickly enough on compensation for victims of Texas financier Allen Sanford's alleged Ponzi scheme.

But Vitter dropped his opposition in mid-June after the SEC decided that they should be compensated by a brokerage industry-backed fund.

The committee said it also plans to vote on the nominations of Gregory Karawan and Anthony Frank D'Agostino as directors at the Securities Investor Protection Corp, which helps investors recover funds if their brokerage fails.

The committee also plans to vote on the nominations of Thomas Curry to head the Office of the Comptroller of the Currency; Martin Gruenberg to head the Federal Deposit Insurance Corp; and Roy Woodall to be a member of the Financial Stability Oversight Council.

If the Senate Banking Committee votes in favor of all seven nominees, they still face a full Senate vote in order to be confirmed.

(Reporting by Andrea Shalal-Esa; editing by Carol Bishopric)