Three of President Obama’s nominees for financial-regulator positions have been confirmed by the Senate, which may help speed up Dodd-Frank Act rulemaking.
The Senate on Friday confirmed Republican Daniel M. Gallagher and incumbent Democrat Luis A. Aguilar as Securities and Exchange commissioners and Mark P. Wetjen to serve on the Commodity Futures Trading Commission, BusinessWeek.com reports.
Gallagher, a former SEC deputy division chief, will work with Aguilar and the agency’s other three commissioners to implement many of the rules it was assigned to write under the Dodd-Frank law.
Wetjen is a policy adviser to Senate Majority Leader Harry Reid, according to BusinessWeek.com. He will replace Democrat Michael Dunn on the five member CFTC, which is currently writing the rules for the $601 trillion global swaps market.
The confirmations follow a public complaint from Richard Davis, head of U.S. Bancorp, that vacancies at financial regulators’ officers were frustrating for banks attempting to figure out how to deal with the new rules.
Eighty percent of the rules required by the Dodd-Frank financial overhaul legislation remain unwritten and banks are struggling with the uncertainty.
"Nothing's getting more clear or progressing very fast," Davis said, according to SFGate.com. "But our ability to now understand that it's not going to happen fast, and our willingness to accept the fact that we have to make up some of the answers until there's a final one, is probably much higher."