{"id":2088,"date":"2022-01-04T15:38:19","date_gmt":"2022-01-04T15:38:19","guid":{"rendered":"https:\/\/thornrun.com\/in-the-hill-trps-rosenstock-weighs-in-on-pressure-to-fill-financial-regulatory-vacancies\/"},"modified":"2023-08-08T21:25:40","modified_gmt":"2023-08-08T21:25:40","slug":"in-the-hill-trps-rosenstock-weighs-in-on-pressure-to-fill-financial-regulatory-vacancies","status":"publish","type":"post","link":"https:\/\/thornrun.com\/in-the-hill-trps-rosenstock-weighs-in-on-pressure-to-fill-financial-regulatory-vacancies\/","title":{"rendered":"In The Hill, TRP’s Rosenstock Weighs In on Pressure to Fill Financial Regulatory Vacancies"},"content":{"rendered":"\n

In an\u00a0article<\/a>\u00a0for\u00a0The Hill<\/em>, TRP\u2019s Jason Rosenstock offered commentary on the political dynamics of the Biden administration\u2019s pending financial regulatory nominees. With several vacancies the Federal Reserve, Office of the Comptroller of the Currency (OCC), Securities and Exchange Commission (SEC), and Commodity Futures Trading Commission (CFTC), Rosenstock pointed out that the looming 2022 midterm elections places additional pressure on Senate Democrats to fill these positions should Republicans take control in 2023. \u201c2022 is going to be a very busy year on the administrative agency level in large part because if the Democrats lose control of the House and Senate in 2023 it changes a little bit of a dynamic,\u201d said Rosenstock. \u201cIt just makes it a little bit harder to move their agenda. So I think this is the year to pounce, so to speak.\u201d<\/p>\n\n\n\n\n\n\n\n

The article in its entirety can be read below. <\/p>\n\n\n\n

Biden faces time crunch to pick financial watchdogs<\/strong><\/p>President Biden has a growing list of vacancies to fill at top financial watchdog agencies before he and his party risk losing control of the Senate.
\u00a0
Biden has roughly a year to nominate and confirm some of the most important officials overseeing the financial system before the November midterm elections, in which Republicans are thought to have a good chance to recapture the Senate.
\u00a0
\u201c2022 is going to be a very busy year on the administrative agency level in large part because if the Democrats lose control of the House and Senate in 2023 it changes a little bit of a dynamic,\u201d said Jason Rosenstock, partner at Washington, D.C., lobbying firm Thorn Run Partners.
\u00a0
\u201cIt just makes it a little bit harder to move their agenda. So I think this is the year to pounce, so to speak.\u201d
\u00a0
The Senate will see confirmation fights over up to five Federal Reserve nominees within the first months of the year, including the top three positions on the Fed board. But Biden has yet to name three of those nominees \u2014 including one to be Fed\u2019s top regulatory official \u2014 despite teasing an announcement before the end of 2021.
\u00a0
Biden must also nominate a new leader for the Office of the Comptroller of the Currency, two members of the Securities and Exchange Commission (SEC) and cement two nominees to the Commodity Futures Trading Commission through the Senate before he could be forced to cut deals with a GOP Senate majority.
\u00a0
Federal Deposit Insurance Corp. (FDIC) Chairman Jelena McWilliams\u2019s resignation last week added another major vacancy to Biden\u2019s list, forcing the president to prioritize his picks with limited time to shepherd them through the Senate.
\u00a0
\u201cAgencies have by and large been able to discharge their core missions even in the absence of key appointments,\u201d said Hilary Allen, a banking and financial law professor at American University, in an email.
\u00a0
\u201cHowever, without key leadership positions filled, it is very difficult for agencies to pivot to start addressing new problems or to take innovative approaches to longstanding problems,\u201d she continued, highlighting the rise of financial technology, cryptocurrencies and climate finance issues.
\u00a0
While the Senate could still confirm nominees after the midterm elections, Congress spends much of the final six week before election day on the campaign trail and out of the Capitol. A second push to pass aspects of Biden\u2019s Build Back Better plan could also suck up Senate floor time necessary to move nominees.
\u00a0
With just nine months until campaign season is set to pick up, Biden must navigate a dwindling timeline to cement many of his top picks. The president must also contend with a small and fractious group of Senate Democrats who\u2019ve derailed several of his previous picks.
\u00a0
“They’re running up against the clock with the elections in November,\u201d said Ian Katz, director at research consultancy Capital Alpha Partners.
\u00a0
Biden has struggled to pick financial regulators who could win enough support from both progressive and moderate Democrats to make it through the Senate without substantial GOP support. SEC Chairman Gary Gensler and Consumer Financial Protection Bureau Director Director Rohit Chopra are Biden\u2019s only two major non-Cabinet financial regulatory nominees confirmed since he took office, and several other posts have gone unfilled amid internal squabbling.
\u00a0
The president took until September to nominate a comptroller of the currency who could win the support of liberal Democrats only to see his pick, Cornell law professor Saule Omarova, derailed by several centrist members of his own party. Biden is also facing intense pressure from the left over his pick for Fed vice chair of supervision, particularly after renominating Fed Chairman Jerome Powell, a Republican appointed by former President Trump to the post in 2017.
\u00a0
\u201cA lot of the nominees that have come forward would be more aligned with, you know, what people would think of a Warren presidency rather than how Biden had sort of been seen,\u201d Rosenstock said, referring to Sen. Elizabeth Warren (D-Mass.), the architect of the CFPB who ran for president in 2020.
\u00a0
\u201cIf you look at a Venn diagram, that sort of sweet spot in the middle of who satisfies both sides is very small,\u201d he said.
\u00a0
Katz added that the power struggle at the FDIC that led to McWilliams\u2019s resignation could also spur further backlash from Republicans and taint the water for any crossover votes.

\u201cThere’s not much goodwill between the parties,\u201d Katz said. \u201cThis episode at the FDIC, which has really angered Republicans who are on the relevant committees in Congress, just makes it that much tougher.\u201d
\u00a0
McWilliams, a Republican appointed by Trump, announced her resignation on New Year\u2019s Eve weeks after the Democratic majority on the FDIC board attempted to launch a review of bank merger practices without her approval. She and other Republicans denounced the move as a \u201chostile takeover,\u201d while Democrats insisted McWilliams was obstructing a legally binding action taken by the board\u2019s majority.
\u00a0
Sen. Pat Toomey (Pa.), the top Republican on the Senate Banking Committee, condemned Biden for supporting the \u201cextremist destruction of institutional norms and unprecedented action to undermine the independence and integrity of our financial regulators.\u201d
\u00a0
\u201cPresident Biden should move swiftly to fill the two vacant board seats and Interim Director [Martin] Gruenberg\u2019s seat with qualified individuals who will respect the FDIC\u2019s tradition of operating free from partisan political interference,\u201d Toomey said in a Friday statement.
\u00a0
Even so, Katz said the intense Republican backlash won\u2019t derail the Democratic agenda so long as Biden can nail down the support of his own party.
\u00a0
\u201cIf they have all the Democrats, they can get through who they want. But they really need to make sure they do,\u201d he said. <\/cite><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

In an\u00a0article\u00a0for\u00a0The Hill, TRP\u2019s Jason Rosenstock offered commentary on the political dynamics of the Biden administration\u2019s pending financial regulatory nominees. With several vacancies the Federal Reserve, Office of the Comptroller of the Currency (OCC), Securities and Exchange Commission (SEC), and Commodity Futures Trading Commission (CFTC), Rosenstock pointed out that the looming 2022 midterm elections places […]<\/p>\n","protected":false},"author":1,"featured_media":1875,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"acf":[],"yoast_head":"\nIn The Hill, TRP's Rosenstock Weighs In on Pressure to Fill Financial Regulatory Vacancies - thornrun<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thornrun.com\/in-the-hill-trps-rosenstock-weighs-in-on-pressure-to-fill-financial-regulatory-vacancies\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"In The Hill, TRP's Rosenstock Weighs In on Pressure to Fill Financial Regulatory Vacancies - thornrun\" \/>\n<meta property=\"og:description\" content=\"In an\u00a0article\u00a0for\u00a0The Hill, TRP\u2019s Jason Rosenstock offered commentary on the political dynamics of the Biden administration\u2019s pending financial regulatory nominees. 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