DFA comments on fight over new SEC commisioner

News broke this AM that, following pressure from Democracy for America and other progressive groups, the White House is reconsidering appointing corporate attorney Keir Gumbs to a open seat on the SEC.

Here's a statement from DFA Chair Jim Dean on the White House response to growing progressive pressure on the open SEC seat:

"If we won't tolerate a cop who's working with Main Street criminals, why should we put up with potential Security and Exchange Commission leaders who've colluded with the crooks on Wall Street and their industry shill groups to avoid accountability?  

“After watching Wall Street greed wreck the economy in 2008, the very least the American people expect and deserve are SEC leaders committed to relentlessly rooting out the criminal element on Wall Street, not their next career move. "In the weeks and months ahead, we'll continue working with our allies to ensure that Senator Elizabeth Warren and the American people get the dedicated beat cop we need on Wall Street."  -- Jim Dean, Chair, Democracy for America

Please find the email action we sent to our members on this news below and don't hesitate to reach out if you need any additional information.

Neil

EMAIL SENT TO DFA MEMBERS:

---------- Forwarded message ----------
From: Karli Thompson, Democracy for America 
Date: Tue, Jul 7, 2015 at 2:16 PM
Subject: Battle over the SEC: Will President Obama side with the Warren Wing?
To: 

 

Win with Warren

Neil --

HUGE news broke out of Washington last night: Because of the pressure Sen. Elizabeth Warren and progressive organizations have put on the White House to stop the revolving door between Wall Street and the Securities and Exchange Commission, President Obama is second guessing his plan to appoint Keir Gumbs -- yet another corporate lawyer -- to fill a soon-to-be-open spot on the board.

Now, sources say that the White House is heading in the right direction. They're vetting a number of candidates who have no close corporate ties.  But they still haven't taken nominating Gumbs off the table -- or promised that they will stop considering Wall Street alumni as potential candidates for the SEC in the future.

Tell President Obama to do the right thing: Drop all potential SEC nominees who are too close to Wall Street, and nominate real regulators who will be tough on the big banks.

The regulatory power of the Securities and Exchange Commission is hands down the most important check we have on Wall Street power in America. We need the SEC to be an activist body, doing everything it can to protect investors and workers from the unfettered greed of the big banks.

Unfortunately, SEC chair -- and Obama appointee -- Mary Jo White has been a disaster. She has slow-walked critical regulations and has recused herself from important deliberations due to her close ties to Wall Street. In a scathing 13-page letter to White earlier this year, Sen. Elizabeth Warren said that her leadership of the Commission has been "extremely disappointing."

Now that President Obama is preparing to fill two new vacancies within the SEC, we need to know that he won't go back to the same old Wall Street revolving door that handicapped the SEC in the first place.

Tell President Obama: We can't afford to put another one of the big banks' buddies on the SEC. Nominate tough regulators who will stick up for working families now.

During her confirmation hearings, SEC Chair (and former corporate lawyer) Mary Jo White claimed that she would be tougher on the big banks than her tight connections with Wall Street would indicate. But time and time again, when faced with implementing policies like the CEO pay rule and forcing corporations to disclose their political expenditures, White has caved to Wall Street demands.

We want to believe that President Obama learned from his appointment of Mary Jo White. This time, we need him to appoint regulators who aren't fresh out of the revolving door. The American public deserves appointees who will take a tough stance on Wall Street excesses and give some power back to Main Street.

Tell President Obama: No more Wall Street cronies on the SEC. This time, nominate regulators who will protect investors and workers everywhere.

Thanks for being a part of our campaign to hold President Obama and the SEC accountable. It's time to take the power back from Wall Street.

- Karli

Karli Wallace Thompson, Campaign Manager
Democracy for America