WASHINGTON, April 4, 2013 /PRNewswire-USNewswire/ -- A new Bipartisan Policy Center (BPC) analysis of the nominations process for financial regulators found that heads of single-director agencies take much longer to nominate and confirm than commissioners. The study also found that it takes a president longer to name a nominee, on average, than it takes for the Senate to confirm. These are two of several key findings in a paper released by BPC's Financial Regulatory Reform Initiative today. Click here to read the paper.
BPC also unveiled its new online nominations tracker, an interactive tool where users can track nominees through the confirmation process. The tracker, available here, allows users to view the status of all vacant financial regulator positions, as well as view nominees currently awaiting action by the president or Senate.
"This analysis highlights the relative difficulties in naming and confirming heads of single-director agencies versus members of boards and commissions," said Mark Olson, who co-chairs the initiative's Regulatory Architecture Working Group. "We hope the analysis is useful to the ongoing conversation about the appropriate structure of independent financial regulatory agencies."
BPC's analysis found that it took nearly two years for a vacancy at a single-director agency to be resolved, and the presidential delay in nominating candidates is significantly longer than the Senate delay. Also, the process for confirmation of commission chairs is significantly shorter than commission members.
The data in BPC's analysis covers regulators who were in office, or nominated for office, since 2000. On average, it has taken nearly eight months for the president to nominate an independent financial regulator during that period. It has taken the Senate an average of four and a half months to resolve a nomination. The nomination process has slowed down in the current administration compared to the George W. Bush administration.
"It is more important than ever to identify and attract highly qualified regulators at the federal level," said Richard Neiman, who also co-chairs the working group. "The Bipartisan Policy Center's analysis shows the extent of the delays we face in nominating and confirming nominees for these positions."
BPC's Financial Regulatory Reform Initiative was launched in October 2012. The initiative is considering five aspects of financial reform: systemic risk; failure resolution; capital markets and the Volcker rule; consumer financial protection; and regulatory architecture.
About the Bipartisan Policy Center:
Founded in 2007 by former Senate Majority Leaders Howard Baker, Tom Daschle, Bob Dole and George Mitchell, the Bipartisan Policy Center (BPC) is a non-profit organization that drives principled solutions through rigorous analysis, reasoned negotiation, and respectful dialogue. With projects in multiple issue areas, BPC combines politically-balanced policymaking with strong, proactive advocacy and outreach. For more information, please visit our website: www.bipartisanpolicy.org.
SOURCE Bipartisan Policy Center