Dodd-Frank 'celebrates' its one-year anniversary next month, and yet, it's anyone's guess as to whether this generation will ever see real regulatory reform.  The SEC and CFTC seem to be running "near empty" as they wait for Congress to appropriate allocations that were promised earlier.  It's near impossible to get a straight answer as to which, if any, new rules and regulations will be in place by their July deadlines. 

Meanwhile, the top spots at three critical federal regulators are vacant, soon will be, or are filled with caretakers - as Washington seeks out "politically correct" candidates.  [And no, we're not talking about Anthony Weiner-type candidates.]  Much of the blame for the delays lies with Republican lawmakers who have consistently opposed qualified candidates.  But President Obama, it is said, has not engaged the them in a meaningful manner.

In the case of the new Consumer Financial Protection Bureau, Republicans have vowed to obstruct any nominee unless Democrats first agree to gut the agency’s powers.  It would appear the Republicans are more interested in protecting bankers than consumers.  Until now, the administration hasn’t pushed back. 

As their price for confirming a director, they want to vastly expand the power of bank regulators to veto the bureau’s decisions and put controls on the bureau’s financing that will make it more vulnerable to political pressure.  They also have made clear their particular disdain for Elizabeth Warren, the Harvard law professor and prominent reformer who has been working as a presidential adviser to set up the bureau.  Raj Date, a former banker who's now working with Ms. Warren, was mentioned as a possible nominee - a so-called compromise candidate whose impressive résumé is not nearly as impressive as Ms. Warren’s.  Even so, the Republicans have vowed to block any nominee.

At the FDIC, the President's has decided on Martin Gruenberg - a strong candidate - who has earned widespread respect for his work as vice chairman of the agency since 2005.  His confirmation could be eased by the fact that he is well known to senators from his long previous tenure on the staff of the banking committee.

Thomas Curry, reportedly under consideration to lead the Office of the Comptroller of the Currency, is also a strong choice.  A lawyer, former state bank regulator and current FDIC board member, he has a firm grasp of federal and state regulation.  That's a crucial attribute for running the historically antiregulatory OCC.  If nominated, Mr. Curry’s confirmation could be smoothed by the fact that he is a registered independent who was chosen for the FDIC by President George W. Bush.

C-I agrees with others who say it’s past time for President Obama to take off the gloves.   [NYTimes Editorial, 6/14/11]