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"It is probably one of the weakest oversight positions at one of the worst possible times".
The job is one of the most important bank oversight positions in the Fed, which is in the midst of an overhaul of how it regulates financial institutions.
Sound business practice now allows for the majority of oversight positions to be filled, since a contract has been awarded and the project begun.
A year on, and one legacy of the financial overhaul is a near insurmountable workload for regulators, who are being forced to move some employees from enforcement and oversight positions to help write the rules it requires.
The SEC says it received approximately 450 nominations and applications for the five accounting oversight positions.
"Public access to meetings and records will be expanded, new safety and oversight positions will be created and ex parte communication rules will be strengthened".
Similar(53)
"They want it to become a political appointment," Mr. Saeidi said of the oversight position.
He said nothing in the new law would prevent a person with information about alleged wrongdoing from telling the inspector general of intelligence and security, an oversight position.
OVERSIGHT AT RUTGERS After intense scrutiny over the cost of its football stadium expansion and disclosures about the compensation package for the football coach Greg Schiano, Rutgers University created a new financial oversight position for its athletic department.
Several positions created by the Dodd-Frank Act also remain to be filled, including a Fed vice chairman for supervision, a head for the new Office of Financial Research and an insurance oversight position.
The bank denied a report by Der Spiegel, the German news magazine, that Mr. Ackermann was seeking to become chairman of the bank's supervisory board, a part-time oversight position.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com