In a new letter, the Democratic members of the Senate Banking Committee criticized President Trump for not nominating any Democrats to the boards of the FDIC and other financial regulators, arguing the administration is defying decades of bipartisan tradition.
Two seats remain open on the Securities and Exchange Commission and the boards of the FDIC and Export-Import Bank, which are reserved for members of the minority party, the senators said. Trump has also attempted to remove the two Democratic members of the National Credit Union Administration, but those firings are currently the subject of litigation.
“Open-ended vacancies damage the leadership structure that Congress established for these agencies,” the senators said. “A full slate of commissioners and board members can bring a range of perspectives to policies that shape our markets. But as the SEC, FDIC, NCUA and EXIM now pursue consequential reforms across the economy and financial system, we are concerned that their lack of Democratic voices thwarts congressional intent.”
They urged the White House to consult with Senate Democrats “as quickly as possible” regarding Democratic nominees for the open seats.
The letter was led by Sens. Chris Van Hollen (D-Md.) and Raphael Warnock (D-Ga.).
