The U.S. Senate Banking Committee has voted to approve Paul Atkins' nomination for the role of Chair of the Securities and Exchange Commission (SEC).

Paul Atkins, nominated by President Donald Trump, now moves one step closer to taking over the top regulatory position at the US SEC.

The U.S. Senate Banking Committee has voted to approve Paul Atkins’ nomination for the role of Chair of the Securities and Exchange Commission (SEC).

The vote, which took place on Thursday, passed with a narrow margin of 13-11, along party lines.

All seven Republican members present voted in favor of Atkins’ nomination, while the twelve Democratic members present voted against the decision.

The committee’s approval now clears the path for Atkins to proceed to the full Senate for a final confirmation vote.

Atkins’ nomination had faced sharp opposition from Democratic members of the committee, who voiced concerns over potential conflicts of interest and a lack of focus on investor protection.

However, the committee’s vote indicates that there is sufficient support for Atkins’ candidacy to proceed to the next stage of the confirmation process.

If confirmed by the full Senate, Atkins will take over the top regulatory position at the SEC. The SEC is responsible for protecting investors, maintaining market integrity, and facilitating capital formation.

The SEC Chair plays a critical role in setting the agenda for the agency and overseeing its day-to-day operations.

Atkins’ nomination had been a subject of discussion for several months, with lawmakers engaging in heated debate over his qualifications and priorities.

The committee’s vote is a significant step forward in the process of filling the SEC Chair vacancy. The agency has been operating with a quorum of two commissioners since December 2018, following the departure of former Chair Jay Clayton.

With the committee’s approval, it is likely that the Senate will vote on Atkins’ nomination in the coming weeks.

If confirmed, Atkins will inherit an agency that is facing numerous challenges, including the aftermath of the coronavirus pandemic, which has led to a surge in retail trading activity and increased volatility in the markets. He will also need to navigate the Biden administration’s agenda, which includes priorities such as climate change and racial equity.

Atkins' nomination has faced criticism from consumer groups and investor advocates, who argue that he is too closely aligned with the interests of corporations and Wall Street.

However, Republicans on the committee defended Atkins' record and expressed confidence in his ability to lead the SEC in a fair and impartial manner.

The close vote in the committee underscores the partisan divide over the direction of the SEC. Democrats prefer candidates who are more focused on investor protection and holding corporations accountable, while Republicans tend to favor nominees who are viewed as being more friendly to the business community.

The outcome of the vote will now pass to the full Senate for a final vote to confirm Paul Atkins as the new Chair of the SEC.