Elizabeth Warren allies delay Obama's SEC pick
By PATRICK TEMPLE-WEST
Elizabeth Warren and her allies appear to be on the verge of another victory in their battle to stop the White House from choosing financial regulators with ties to Wall Street.
President Barack Obama was planning to nominate corporate attorney Keir Gumbs to fill a Democratic seat on the Securities and Exchange Commission last month, according to four sources familiar with the matter. But now that’s on hold at least until August after activist groups aligned with Warren raised an outcry over Gumbs’ work, including his advice to companies on how to dodge scrutiny from shareholder activists.
The White House will begin vetting additional candidates who don’t have corporate relationships to fill the seat being vacated by Democrat Luis Aguilar, whose term expired last month, two people said.
It’s the latest attempt by the progressive movement that’s coalesced around Warren to set a litmus test for financial regulatory jobs. In January, banker Antonio Weiss withdrew his name for nomination to a Treasury post after Warren and others criticized his background on Wall Street. With the five-member SEC divided along partisan lines, liberals want to ensure the two Democratic commissioners won’t compromise on rules governing everything from shareholder activism to executive pay.
Read more: http://www.politico.com/story/2015/07/barack-obama-elizabeth-warren-sec-wall-street-119780.html#ixzz3fCxPDkKZ
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