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Governor Appoints New Commissioner Of Business Oversight

Governor Gavin Newsom recently announced the appointment of Commissioner Jan Owen's successor at the Department of Business Oversight:

"Manuel Alvarez, 38, of Lafayette, has been appointed Commissioner of the California Department of Business Oversight. Alvarez has been general counsel, chief compliance officer and corporate secretary at Affirm Inc. since 2014. He was an enforcement attorney at the Consumer Financial Protection Bureau from 2011 to 2014, a deputy attorney general at the California Department of Justice, Office of the Attorney General from 2010 to 2011 and an associate at Dentons LLP from 2007 to 2010. Alvarez earned a Juris Doctor degree from the University of California, Hastings College of the Law. This position requires Senate confirmation and the compensation is $191,109. Alvarez is a Democrat."

In California, an appointee can assume office before he or she is confirmed by the Senate.   Under Government Section 1774, the Governor must submit the appointee's name to the Secretary of the Senate within 60 or 90 days depending on whether the Senate is in recess.  If, for whatever reason, the Governor fails to do so, the office becomes vacant.  Generally, there is a 365 day clock on Senate confirmations.  Failure to confirm within 365 days after the day the appointee first began performing the duties of the office results in the office becoming vacant.  When the office becomes vacant depends on whether the Senate refused to confirm or simply failed to confirm.

Outgoing Commissioner Jan Owen was appointed Commissioner of Corporations in December 2011.  She later became the first Commissioner of Business Oversight when former Governor Jerry Brown combined the Departments of Corporations and Financial Institutions.

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About this Author

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

Keith Paul Bishop is a partner in Allen Matkins' Corporate and Securities practice group, and works out of the Orange County office. He represents clients in a wide range of corporate transactions, including public and private securities offerings of debt and equity, mergers and acquisitions, proxy contests and tender offers, corporate governance matters and federal and state securities laws (including the Sarbanes-Oxley Act of 2002 and the Dodd-Frank Act), investment adviser, financial services regulation, and California administrative law. He regularly advises clients...

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