[Congressional Record Volume 164, Number 146 (Tuesday, September 4, 2018)]
[Senate]
[Page S6026]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                       NOMINATION OF ELAD ROISMAN

  Mrs. FEINSTEIN. Mr. President, today I wish to oppose the nomination 
of Elad Roisman to be a Member of the Securities and Exchange 
Commission, SEC.
  Members of the SEC are charged with the critical tasks of protecting 
investors and their hard-earned savings and ensuring that capital 
markets are fair and transparent.
  In the aftermath of the worst financial crisis since the Great 
Depression, these responsibilities are more important now than ever 
before.
  That is why the Senate must confirm SEC Commissioners who have 
learned the lessons of the financial crisis and will prioritize 
investor protections and maintaining a fair marketplace for all.
  Unfortunately, I am not confident that Mr. Roisman fits the bill.
  As the majority chief counsel for the Senate Banking Committee, Mr. 
Roisman was instrumental in developing legislation that rolled back 
essential rules put in place after the financial crisis to protect 
consumers and help prevent another crisis from occurring.
  According to the nonpartisan Congressional Budget Office, passing 
that legislation into law has increased the probability that a large 
bank will fail or that another financial crisis will occur.
  During the last financial crisis, more than 2 million Californians 
were unemployed, and nearly 200,000 Californians filed for bankruptcy.
  We simply cannot return to that time, and Mr. Roisman's work on the 
Dodd-Frank rollback bill should raise concerns about his commitment to 
protecting consumers and promoting fair markets.
  In addition, the manner in which Mr. Roisman's nomination has 
proceeded breaks with a longstanding Senate tradition to confirm SEC 
nominees in bipartisan pairs.
  The President has yet to nominate a replacement for a Democratic 
Commissioner whose term expired in June 2017 and is slated to step down 
later this year.
  I believe the Senate should follow its tradition of waiting until the 
President nominates a Democratic Commissioner before advancing Mr. 
Roisman, a conservative pick, in the Senate.
  Proceeding in a bipartisan fashion is critical for ensuring that no 
President can stack independent agencies like the SEC with a large 
partisan majority.
  For these reasons, I must regretfully vote no on Mr. Roisman's 
confirmation.

                          ____________________