Join Occupy the SEC in Urging the President and the Senate to Appoint a Progressive as SEC Commissioner

Urge the President and the Senate to Appoint a Progressive as SEC Commissioner


As your constituent, I am requesting that you help ensure that the upcoming vacancy for the post of SEC Commissioner is filled with a regulator who has demonstrated commitment to financial reform. Our country needs an SEC Commissioner who possesses a strong record of advocating for the protection of consumers and investors.

Pushback from elected officials and advocates recently forced the Obama Administration to rethink the nomination of corporate attorney Keir Gumbs as the replacement for outgoing SEC Commissioner Luis Aguilar. In your search for a new nominee, I urge you to work with the President to appoint a regulator who will not kow-tow to big banks and other financial behemoths like past Commissioners have done.

The disappointing leadership of Chair Mary Jo White is a glaring reminder of why the SEC needs another bold voice committed to enforcing the law, ensuring market fairness, and protecting investors and the public. Under Chair White's leadership, the agency:

- has continued to settle cases without requiring admission of guilt

- has granted regulatory waivers to companies that violate securities law

- has struggled to finalize rules on important issues, such as disclosures of CEO pay and political campaign contributions by public corporations.

Moreover, Chair White has been recused from numerous cases because of conflicts of interest arising from her previous work as a Wall Street defense lawyer.

It is time to put the public interest first, and nominate a commissioner whose professional past will not prevent participation in enforcement activities. I endorse a strong progressive such as Vermont Law School Professor Jennifer Taub or Andrew J. Green, Counsel to Commissioner Kara Stein.

The nomination of a true progressive will send a powerful message that the Administration believes the SEC mission of serving as a market watchdog is critical. Please ensure that the Senate selects a regulator who can lead the agency, enforce the rules, and provide real market accountability.