Long on Issues, Short on Time
Members of the Senate Banking Committee, at a June 3 confirmation hearing to fill three vacancies, agreed that the Securities and Exchange Commission needs to operate at full strength to move forward quickly with the many issues on its plate. But even with a full complement of five commissioners, the political calendar and other complications raise the possibility that no major policy or rulemaking initiatives will be carried to completion.
At the hearing, committee chairman Christopher Dodd, D-Conn., acknowledged as much. "We need a quorum for the SEC, which has lacked full membership to move forward at a critical time," Dodd said, adding that candidates Luis Aguilar, Troy Paredes and Elisse Walter "will have abbreviated terms" if confirmed.
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