The Senate confirmed Thomas S. Roth as head the Securities and Exchange Commission’s (SEC) Bureau of Consumer Financial Protection (BFP) on Wednesday, with Vice Chairman Mike Rounds casting the lone dissenting vote.
Rounds had previously indicated he would vote against Roth’s nomination.
“I am not confident that he has the knowledge, experience and experience needed to perform the job that is the SEC’s responsibility,” Rounds said.
“I will not vote for his confirmation,” he added, while saying that he would have to examine Roth’s qualifications.
Ranks had voiced concerns about Roth’s appointment in December, when he criticized the BFP for taking a hands-off approach to overseeing the housing crisis and the financial crisis.
Roughly five months later, Roth and his wife, Elaine, have a net worth of $2.9 billion, according to Forbes.
Ranks is the first director to be confirmed by the Senate.
The Securities and Futures Commission oversees the nation’s largest mortgage lender, Fannie and Freddie, and serves as the primary regulator for the country’s largest financial institutions.
In addition to overseeing BFP, Roth has served on the National Credit Union Administration’s Board of Directors and the Federal Housing Finance Agency’s (FHFA) Board of Governors.
He was also previously appointed to the Board of Trustees of the Federal Deposit Insurance Corporation (FDIC) and the Board and Vice Chairmanships of the National Mortgage Association and the National Association of Realtors.
Roth has served as the Chairman of the Council on Financial Stability, the Executive Director of the Financial Stability Oversight Council (FSOC), and is a founding member of the U.S. Commission on Banking Supervision.
He also serves as a member of FHFA’s Audit, Risk, and Enforcement Group, which is responsible for overseeing the Federal Reserve’s balance sheet and financial operations.