The U.S. Senate Banking Committee voted today to bring President Donald Trump’s nomination for the head of the U.S. Securities and Exchange Commission (SEC), cryptocurrency enthusiast Paul Atkins, one step closer to confirmation.
In a 13-11 party-line vote, the panel also approved Jonathan Gould to be U.S. comptroller of the currency. Republican Senator Tim Scott, the committee chairman, praised the nominees for their experience and their commitment to depoliticizing financial regulation.
But the nominees faced strong opposition from Democrats, including the committee’s top Democrat, Sen. Elizabeth Warren, who criticized Atkins and Gould for their stance on deregulation, arguing that their approach favored Wall Street interests at the expense of consumer protection.
“I will not vote to confirm these administration officials while Co-Chairs Trump and Musk sit here actively destroying these institutions,” Warren said, referring to widespread government layoffs and billionaire Elon Musk’s efforts to restructure or eliminate federal agencies.
Despite party-line disagreements, the committee approved two more nominees with Democratic support: Luke Pettit, a former Senate staffer, was confirmed as deputy treasury secretary, and Marcus Molinaro was confirmed as the next federal transportation administrator.
The nominations will now be sent to the full Senate for a final vote.
*This is not investment advice.
