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Senate Weighs SEC Nominees: 2 Dems, 1 Rep

This Tuesday, June 3, the Senate Banking Committee will consider three nominations to the Securities and Exchange Commission, possibly paving the way for a number of mutual fund measures to be decided upon.

Currently, there are two vacancies on the five-member SEC, with Democrats Roel Campos and Annette Nazareth having recently left, and Commissioner Paul Atkins' term expiring June 15. However, Atkins has said he will stay on until his replacement is named.

Chairman Christopher Cox's term expires on June 15, 2009, but whether he remains chairman will be up to the next U.S. president. The SEC could have an entirely different outlook, depending on who wins the White House.

The three nominees are Atlanta attorney Luis Aguilar and Financial Industry Regulatory Authority Senior Executive Vice President Elisse Walter, both Democrats, and Washington University Professor Troy Paredes, a Republican.

The Senate is expected to approve all three nominees simultaneously in an "all or none" approach. If approved, Aguilar's term would end in 2010, Walter's term would end in 2012 and Paredes' term would end in 2013.

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