Trump’s Regulatory Picks for SEC, Banking Oversight Advance in Senate

The U.S. Senate Banking Committee on Thursday advanced several of President Donald Trump’s latest nominees to lead critical regulatory and policy agencies, despite partisan divisions over the direction of financial oversight in the country.

In a 13-11 vote split along party lines, the committee approved Paul Atkins to lead the Securities and Exchange Commission (SEC) and Jonathan Gould as the next comptroller of the currency, according to Reuters. Both figures are viewed as staunch advocates of market-friendly policies, drawing praise from Republican members who argue the nominations will bring a more balanced and less politicized approach to regulation.

Committee Chairman Senator Tim Scott, a Republican from South Carolina, backed the nominees, citing their professional backgrounds and alignment with the administration’s goals. Per Reuters, Scott said the nominees would “de-politicize” financial rule-making and restore confidence in key oversight agencies.

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Democratic members of the committee, however, raised strong objections. Senator Elizabeth Warren, the panel’s top Democrat, voiced concerns over what she described as a deregulatory agenda that favors Wall Street at the expense of ordinary Americans. She pointed to sweeping job cuts across federal agencies and broader efforts by the Trump administration—now in a power-sharing arrangement with tech magnate Elon Musk—to consolidate and shutter various government institutions.

“I will not vote to confirm these administration officials when co-Presidents Trump and Musk are actively destroying these agencies while we just sit here,” Warren stated during the hearing, per Reuters.

Despite the heated debate, two additional nominees received bipartisan support. Luke Pettit, a former Capitol Hill aide, was advanced to serve as Assistant Secretary of the Treasury, and Marcus Molinaro was approved for the role of Federal Transit Administrator. These nominations drew less controversy, with some Democrats crossing the aisle in support.

The committee’s decisions now send the nominations to the full Senate, where they are expected to face further scrutiny but are likely to be confirmed given the current Republican majority.

Source: Reuters