The leaders of the Social Democratic Party (PSD), the main governing party in Romania, decided on Monday, November 5, to support former MP Leonardo Badea, the current president of the Financial Supervisory Authority (ASF), for a new mandate at the institution’s helm, local Mediafax reported.

Badea was appointed president of ASF last summer, after the dismissal of former president Misu Negritoiu. He is an economist and university professor from Targoviste, who served as a senator between 2012 and 2016 and then as a deputy from 2016 until last year when he was voted as head of ASF.

Deputy prime minister Viorel Stefan, who was also a finance minister in the first half of 2017, also wanted to get his party’s endorsement for president of ASF. However, his colleagues decided to support Badea.

ASF regulates and supervises the insurance, capital market and private pension sectors in Romania. The ASF board members are among the best-paid public officials in Romania.

editor@romania-insider.com

(photo source: Facebook / Autoritatea de Supraveghere Financiara)