October 03, 2007
Nazareth's Departure Will Leave SEC Without Democratic Voice
Annette Nazareth, the last Democrat standing on the Securities and Exchange Commission, is planning to leave her post in the coming months, the agency announced yesterday. Her move leaves the possibility of a three-person, all-Republican SEC if officials fail to fill two empty seats quickly. The other Democratic commissioner, Roel Campos, exited two weeks ago.
USA Today explains this morning that a one-sided commission is "not without precedent," and it's not uncommon for more than one seat to remain unfilled at any given time. "But what distinguishes the current SEC from previous incarnations is the gulf that has developed between positions championed by Republicans Paul Atkins and Kathleen Casey, and those supported by Nazareth and Campos."
For example, the Wall Street Journal (subscription) notes that, most recently, commissioners have differed on whether to give "shareholders the ability to nominate their own candidates for corporate boards and place their names on company-issued proxy ballots."
Only three of the five SEC chairs are allowed to be filled by members of the same party; the Senate and President Bush will be required to fill Nazareth's and Campos' seats with Democratic commissioners.
MarketWatch and the Washington Post have more on this story.
