Less than a week after the U.S. House of Representatives voted to dismantle much of the Dodd-Frank banking regulations Act, the leaders of Maryland’s General Assembly named the majority of members to a state panel created to monitor changes to federal financial consumer law.
House Speaker Michael E. Busch and Senate President Thomas V. Mike Miller Jr. named nine of the 11 members of the Maryland Financial Consumer Protection Commission in a statement.
“It is critical that we stay vigilant in protecting the public,” said Gary Gensler, who will chair the commission that was created this year by the legislature.
Gensler served as the chairman of the Commodity Futures Trading Commission and as undersecretary for domestic finance and assistant secretary for financial institutions in the Department of the Treasury. He also served senior adviser on the Sarbanes-Oxley Act to U.S. Sen. Paul Sarbanes.
Also named to the commission are:
- Sens. Jame C. Rosapepe, D-Prince George’s and Anne Arundel and Joanne C. Benson, D-Prince George’s.
- Dels. C. William “Bill” Frick, D-Montgomery, and Susan Aumann, R-Baltimore County.
- Karren Pope-Onwukwe, public member.
- Eric Friedman, director, Montgomery County Office of Consumer Protection.
- Anne Balcer, executive vice president of Congressional Bank and former deputy commissioner of financial regulation.
- Mark Kaufman, former financial regulation commissioner.
Rosapepe was the sponsor of Senate Bill 884, legislation that created the commission following the election of President Donald Trump.
The commission is tasked with monitoring changes to federal financial laws such as the Dodd-Frank Act. The law requires the panel to provide an annual report at the end of each year and recommendations to state lawmakers.
Last week, the U.S. House of Representatives voted to repeal several of the key the Dodd-Frank Act.
Rosapepe’s bill was part of about a half-dozen initiatives that were made a legislative priority by the presiding officers of the House and Senate in the wake of Trump’s election.
The bill was sent to Gov. Larry Hogan late in the 2017 session. Hogan allowed the bill to become law without his signature.
The governor also has two appointments to the commission that he has yet to name.
Amelia Chassé, a Hogan spokeswoman, “the appointment process is underway.”
The announcement by the two presiding officers comes on the same day that Maryland Attorney General Brian E. Frosh and Washington, D.C., Attorney General Karl Racine, both Democrats, announced they had filed a lawsuit against the president alleging Trump violated anti-corruption clauses of the U.S. Constitution.