Lead Senate Democrats have sent a letter to President Bush recommending SEC insider Annette Nazareth
, currently the director of market regulation at the agency, to fill current commissioner Harvey J. Goldschmid's spot, reports the New York Times
Goldschmid, one of two Democratic commissioners, plans to leave at the end of his term to return to his teaching position at Columbia University.
The Democrats have also requested that Bush reappoint Roel C. Campos
, the other Democratic commissioner, to another term. According to the AP, the recommendation has traditionally accepted by the governing administration.
The SEC is made up of five commissioners who serve terms of five years each. The President appoints the commissioners based on the advice and consent of the Senate. No more than three commissioners may belong to one political party. Currently, Republican William Donaldson chairs the SEC, and two Democrats and two Republicans serve as commissioners.
The Democrats' letter was sent by Harry Reid (D, Nevada) on Tuesday, but according to the AP, the choice was originally Charles Schumer's (D, New York).
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