“ U.S. Sen. David Vitter (R-La.) today announced that he will place a hold on the nomination of Sharon Bowen, acting chairman of the Securities Investor Protection Corporation (SIPC), to the be Commodity Futures Trading Commission (CFTC). Bowen’s nomination was passed out of the Senate Agriculture, Nutrition and Forestry Committee this morning and will now come before the Senate for a vote. Vitter has raised concerns about Bowen’s leadership at SIPC and their handling of the Stanford Ponzi scheme.”

“Under Bowen’s leadership, SIPC has completely failed to protect the Stanford Ponzi scheme victims, instead siding with its Wall Street members. That sort of leadership, and complete lack of responsiveness to Congress and the SEC, has no place at the CFTC. I’m putting a hold on the nomination until she adequately addresses concerns about SIPC’s handling of the Stanford Ponzi scheme,” Vitter said.”

“Vitter has asked SIPC to revisit the decision not to compensate victims of the Stanford Ponzi Scheme. Vitter sent a letter to Bowen on January 17, 2014 asking the SIPC Board of Directors to reconvene and take a new vote on compensating the victims. He sent a follow up letter on March 28. Bowen has not responded to the most recent request.”

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Read full Senate article here.