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Volume XI, Number 217

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Commissioner Alvarez Leaves Office On Friday - What Happens Next?

Recently,  Manuel P. Alvarez announced that June 18 will be his last day as Commissioner of the Department of Financial Protection & Innovation.  Until Governor Newsom appoints a successor, Chief Deputy Commissioner Chris Shultz will serve as the Acting Commissioner.  According to the DFPI,  Mr. Shultz "has been with DFPI for more than a year and a half, acting as second in command at the Department.  He also served as Acting Director at the Department of Consumer Affairs." 

Under the Government Code, the new Commissioner is subject to confirmation by the California Senate.  Unlike the federal system, the new Commissioner may begin performing duties before confirmation.  If the Senate refuses to confirm, the person may continue to serve  until 60 days have elapsed since the refusal to confirm or until 365 days have elapsed since the person first began performing the duties of the office, whichever occurs first.   If the Senate fails to confirm within the applicable 365-day period, the person may not continue to serve in that office, and the office for which the appointment was made is deemed to be vacant as of the first day immediately following the end of the 365-day period.  Cal. Gov't Code § 1774.  

© 2010-2021 Allen Matkins Leck Gamble Mallory & Natsis LLP National Law Review, Volume XI, Number 168
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About this Author

Keith Paul Bishop, Corporate Transactions Lawyer, finance securities attorney, Allen Matkins Law Firm
Partner

Keith Bishop works with privately held and publicly traded companies on federal and state corporate and securities transactions, compliance, and governance matters. He is highly-regarded for his in-depth knowledge of the distinctive corporate and regulatory requirements faced by corporations in the state of California.

While many law firms have a great deal of expertise in federal or Delaware corporate law, Keith’s specific focus on California corporate and securities law is uncommon. A former California state regulator of securities and financial institutions, Keith has decades of...

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