Mary Schapiro was nominated as SEC chairman, Gary Gensler as chairman of the CFTC and Dan Tarullo as a Federal Reserve governor today by President-elect Barack Obama.
The nominations of Ms. Schapiro and Mr. Tarullo must be approved by the Senate Banking, Housing and Urban Affairs Committee. Mr. Gensler’s nomination requires approval by the Senate Agriculture Committee.
Ms. Schapiro, CEO of the Financial Industry Regulatory Authority, would replace Christopher Cox.
Mr. Gensler served as Treasury undersecretary for financial markets during the Clinton administration and was a senior adviser to the Senate Banking Committee. He also is a former partner at Goldman Sachs Group. He would replace Walter Lukken at the Commodity Futures Trading Commission.
Mr. Tarullo, a law professor at Georgetown University and former senior economic adviser in the Clinton administration, would be filling a Federal Reserve board vacancy.
Mr. Obama said the federal government has been “asleep at the switch,” citing the market and mortgage crises and the allegations against financier Bernard Madoff of running a $50 billion Ponzi scheme. “We are going to have to greatly strengthen our regulatory apparatus,” he said, adding that he and his economic team would soon release a detailed regulatory plan.
Mr. Obama said regulatory reform would be a top legislative priority when he takes office Jan. 20. “And instead of appointing people with disdain for regulation, I will ensure that our regulatory agencies are led by individuals who are ready and willing to enforce the law,” he said.
