STOCK MARKET WATCH -- Tuesday, 18 June 2013

[Demeter]

16. Nomination of Senate aide to replace Gensler far from certain

http://blogs.marketwatch.com/election/2013/06/13/nomination-of-senate-aide-to-replace-gensler-far-from-certain-report/

The nomination of Amanda Renteria, a former Senate staffer, to head the Commodity Futures Trading Commission is far from certain...So says Politico’s Morning Money, citing sources familiar with the situation, noting that she has limited financial regulatory experience.

The report comes after a Huffington Post article on Tuesday said the White House could announce her appointment to replace Gary Gensler as the head of the agency, as soon as this week. The Wall Street Journal reported in May that the White House was considering her for the position.

The Politico note said financial reform advocates reacted with shock to reports that the White House was considering her for the position at a time when the agency was trying to finish highly complex Dodd-Frank derivatives rules.

In fact, according to the Huffington Post, Renteria only played a small part in helping to write the Dodd-Frank Act, the landmark financial regulation reform law that was approved after the crisis.

The possibility of Renteria’s assent could become trouble for Gensler as he seeks to implement a provision in the law that would extend the reach of U.S. derivatives oversight to activities involving U.S. firms with overseas counterparts. Three of the five commissioners have publicly questioned Gensler’s timeline for the measure, and her nomination could weaken his efforts to win support for the endeavor...

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