President Bush has formally nominated Roel C. Campos to serve an additional term as a member of the Securities and Exchange Commission and Annette L. Nazareth to fill one of the vacant posts, according to an announcement from the White House.
Campos’ term will expire on June 5, 2010.
Nazareth, currently the SEC’s director of market regulation, would be filling the remainder of the terms of former chairman William Donaldson, which expires June 5, 2007.
Both individuals were recommended by Senate Democrats, according to Bloomberg. Published reports point out that the nominations could help clear the path for the confirmation of Rep. Christopher Cox, the conservative Republican from California who has been nominated for SEC chairman. He would serve the remaining four years of the term of outgoing commissioner Harvey Goldschmid.
The Senate Committee on Banking, Housing, and Urban Affairs scheduled a confirmation hearing for Tuesday morning for Cox, Campos, and Nazareth.
“So far as one can tell, what it means is the three nominations will go through in a hurry,” former SEC commissioner Edward Fleischman told Bloomberg.
The wire service also noted that the Business Roundtable and the U.S. Chamber of Commerce are not too happy with Nazareth. “Since the regulated community is most affected by the Division of Market Regulation, which has been Ms. Nazareth’s bailiwick up to now, naturally there are folks in that group who disagree with Annette on a number of matters,” Fleischman told Bloomberg.
Nazareth was not available for immediate comment, the wire service added.