Senate expected to take up CFTC nominations
June 03, 2014 | 11:59 AM
The Senate is expected to vote later today on the nomination of Sharon Bowen, a Democrat, to the Commodity Futures Trading Commission and possibly on other nominees later in the week.
The other nominees are Republican Christopher Giancarlo and Democrat Timothy Massad, who is nominated to chair the commission.
Sharon Bowen
Bowen, a New York lawyer, heads the Securities Investor Protection Corporation and her nomination has been controversial because SIPC denied a request from victims of the $7 billion Ponzi scheme perpetrated by Allen Stanford, who is serving a 110-year prison sentence.
Sen. David Vitter, R-La., put a hold on her nomination.
Senate Agriculture Committee Chairwoman Debbie Stabenow, D-Mich., in a floor speech today defended Bowen’s nomination, which is subject to cloture and final votes.
Stabenow noted that the Dodd-Frank act required the financial agencies to establish offices for minorities and women, and that Bowen would be the first African-American woman to serve on the CFTC and the only woman.
Stabenow said Bowen has the expertise and experience for the commission and that as the youngest of five children growing up in the segregated small town of St. Julian’s Creek, Va., “developed a knack for understanding the perspective of people who have a stake in public policy decisions but no voice and how those decisions are made.”
Stabenow also noted that Bowen had been confirmed by the Senate for SIPC and that during her tenure SIPC has returned $24.5 billion to more than 9,000 investors.
“The CFTC needs a commissioner of Ms. Bowen’s background and skill set,” Stabenow said.
Once Bowen is confirmed, a time agreement on the other CFTC nominees for later in the week is likely, a Senate aide said.
The CFTC has only two of its five commissioner slots filled.
The other nominees are Republican Christopher Giancarlo and Democrat Timothy Massad, who is nominated to chair the commission.
Bowen, a New York lawyer, heads the Securities Investor Protection Corporation and her nomination has been controversial because SIPC denied a request from victims of the $7 billion Ponzi scheme perpetrated by Allen Stanford, who is serving a 110-year prison sentence.
Sen. David Vitter, R-La., put a hold on her nomination.
Senate Agriculture Committee Chairwoman Debbie Stabenow, D-Mich., in a floor speech today defended Bowen’s nomination, which is subject to cloture and final votes.
Stabenow noted that the Dodd-Frank act required the financial agencies to establish offices for minorities and women, and that Bowen would be the first African-American woman to serve on the CFTC and the only woman.
Stabenow said Bowen has the expertise and experience for the commission and that as the youngest of five children growing up in the segregated small town of St. Julian’s Creek, Va., “developed a knack for understanding the perspective of people who have a stake in public policy decisions but no voice and how those decisions are made.”
Stabenow also noted that Bowen had been confirmed by the Senate for SIPC and that during her tenure SIPC has returned $24.5 billion to more than 9,000 investors.
“The CFTC needs a commissioner of Ms. Bowen’s background and skill set,” Stabenow said.
Once Bowen is confirmed, a time agreement on the other CFTC nominees for later in the week is likely, a Senate aide said.
The CFTC has only two of its five commissioner slots filled.
