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Trump hints at bypassing procedures to appoint senior officials, which may affect the position of SEC chairman.
Recently, the American political scene has once again stirred. Donald Trump, the former President of the United States, made statements suggesting that he might take unconventional measures to form a new government team, a move that could affect several important positions, including the Chairman of the SEC.
Trump stated on social media that he believes he has the right to decide who will serve as the Senate Majority Leader when the new Congress is sworn in on January 2025. He also revealed that he hopes the future Majority Leader will support appointments during recess to bypass the regular confirmation process, allowing the selected individual to "immediately" take office without going through the cumbersome congressional questioning and review process.
According to the United States Constitution, the President does indeed have the power to fill vacancies during the Senate's recess. This appointment is known as a "recess appointment" and its validity will last until the end of the next session. During Trump's previous presidency, he utilized this power to appoint some candidates who might have been difficult to gain Senate approval for. However, it is important to note that recess appointments are essentially temporary and cannot fully replace the formal approval process of the Senate.
It is worth mentioning that Trump has not yet publicly nominated anyone to succeed the current SEC chairman. In previous campaign activities, Trump promised the cryptocurrency industry that if he is elected again, he would dismiss the current SEC chairman on the day of his inauguration. However, legal experts point out that without just cause, the president cannot directly remove the SEC chairman from the commission.
Typically, when there is a change in the White House, some heads of regulatory agencies choose to resign proactively. However, as of now, the current SEC chairman has not indicated any intention to leave. This series of developments has sparked widespread attention and discussion regarding the future direction of financial regulation in the United States.