Dodd tells SEC to wait on decisions

Sen. Christopher J. Dodd (D-Conn.), chairman of the Senate Banking Committee, said Wednesday that the Securities and Exchange Commission shouldn’t make any policy decisions if its two Democratic seats are vacant.

With the departure of Roel C. Campos, who already has left the SEC, and Annette L. Nazareth, who plans to leave soon, the agency would be missing two of its five commissioners.

“I don’t think they should be making any decisions at the moment,” Dodd said.

House Financial Services Committee Chairman Rep. Barney Frank (D-Mass.) said he shared Dodd’s concerns.

An SEC spokesman declined to discuss what he called a hypothetical situation, noting that Nazareth remains on the commission for the time being. She hasn’t set a departure date.

Dodd’s committee has general oversight of the SEC. White House nominations to the SEC must be approved by the committee.

After Nazareth leaves, Chairman Christopher Cox would lead a commission with two fellow remaining Republicans, Paul S. Atkins and Kathleen L. Casey.

This week, a spokesman for Senate Majority Leader Harry Reid (D-Nev.) said Democrats were working with the White House to find replacement commissioners.