White House says it received no Democratic response related to SEC, CFTC vacancies
Both US financial regulators are understaffed at the leadership level and lacking Democratic commissioners, with no announcement from President Donald Trump on filling the roles.
White House officials claimed that they had “not received names” in response to requests to Senate Democrats for potential commissioners to two US financial regulatory agencies.
In a Thursday letter to US Senate majority leader John Thune and minority leader Chuck Schumer, White House officials said that they had already solicited names from Senate Democrats for the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC). The leadership panels of both financial agencies are understaffed, with only Republican members nominated and confirmed by the Senate.
The letter came in response to a June 10 request from 12 Senate Democrats over staffing concerns at US federal agencies, including the SEC and CFTC. Although US President Donald Trump has put forward some Democratic names for positions at agencies, including the National Labor Relations Board and International Trade Commission, many lawmakers have expressed concerns about the financial regulators being understaffed with crypto market structure legislation pending.