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This is a segment from the Forward Guidance newsletter. To read full editions, subscribe. As President Biden rounds out his final days in office, the Senate has begun the process of confirming President-elect Trump’s Cabinet picks. Defense Secretary hopeful Pete Hegseth was the first to take the hot seat.  Republicans, as expected, embraced Hegseth, calling his “unconventional” resume a strength while Democrats grilled him about his character and judgement. It was hours of tense questioning, but Senate Majority Leader John Thune says he plans to schedule the vote soon, and Hegseth should have the nomination in the bag.  On tap for confirmation hearings today are Trump’s picks for attorney general (Pam Bondi), CIA director (John Ratcliffe) and the White House office of management and budget (Russ Vought).  The Senate Banking Committee has not yet scheduled SEC chair hopeful Paul Atkins’s confirmation hearing, but with widespread Republican support Atkins should be a shoo-in. In the meantime, Trump will select either Commissioner Peirce or Uyeda to serve as acting chair. We’re expecting the transition team to announce this decision in the next few days.  In his final town hall address Tuesday, outgoing SEC Chair Gary Gensler praised his agency staff for their “wise counsel and help.”  “You vigorously followed the facts and the law without fear or favor to ensure that market participants comply with the securities laws, whether it be regarding traditional financial products or more recent ones like crypto,” Gensler said, in what may be his final nod to the industry as head of the agency.  Trump has still not named his pick for CFTC Chair. Rostin Behnam, who long advocated for Congress to grant the CFTC explicit oversight of digital asset commodities, will be stepping down on Monday. Caroline Pham or Summer Mersinger, both Republican CFTC commissioners, are expected…

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Filed under: News - @ January 15, 2025 9:26 pm