FINANCE and INVESTING

President Obama has selected Michael Bromwich as his new watchdog for the oil and gas industry. Bromwich’s selection coincided with Interior Secretary Salazar’s announcement that he is restructuring the Minerals Management Service (MMS) and renaming the agency Bromwich will lead as the Bureau of Ocean Energy Management, Regulation and Enforcement.

President Obama’s first Oval Office speech focused around the epidemic that is the Gulf Coast oil spill. Among his promises that BP would “pay for damages their company has cost,” he also appointed ex-prosecutor for the FBI Michael Bromwich as director of the Minerals Management Service.