Stay up-to-date with the latest developments in securities law through access to both news and all statutes and regulations. Find relevant corporate filings through a searchable EDGAR database. And...
May 19 — The Senate Banking Committee approved the nominations May 19 of think-tank scholar Hester Peirce and law professor Lisa Fairfax as members of the Securities and Exchange Commission, more than a month after their status looked in jeopardy due to Democratic opposition.
The committee was scheduled to vote on the nominations April 7 but postponed action after Sens. Charles Schumer (D-N.Y.) and Elizabeth Warren (D-Mass.), and other Democrats opposed the nominees in a public hearing, creating procedural confusion (68 SLD, 4/8/16).
The SEC has been shorthanded since October and two commissioners shy of a full complement since the beginning of 2016.
The committee convened in a small room adjacent to the Senate floor and approved the nominations by voice vote in a bloc with three other executive branch nominees.
Also approved were Jay Lerner, to be inspector general of the Federal Deposit Insurance Corporation, Amias Gerety to be an assistant secretary of the Treasury and Matthew Jeppson to be director of the U.S. Mint. The nominations can now be considered by the full Senate, but the timing of any such vote is still uncertain.
Peirce, a Republican, is a scholar at the Mercatus Center and a former SEC staff member. Fairfax, a Democrat, is a law professor at George Washington University.
The Democrats’ April opposition came because the nominees didn't commit to supporting a political spending disclosure rule.
That kind of rule would require public corporations to disclose their spending on political activities. A Republican rider to a spending law prohibits the agency from adopting the rule, but Democrats say the SEC should prepare one for adoption once the language expires.
Nearly every Democrat in the Senate wrote to SEC Chairman Mary Jo White in August urging the agency to take up the matter, and the opposition to the commissioner nominees shows how strongly some Democrats feel about the issue (169 SLD, 9/1/15).
Many Democrats, including the Banking Committee's ranking member Sen. Sherrod Brown (D-Ohio), support confirming the nominees.
Schumer, Warren and Sen. Robert Menendez (D-N.J.) opposed the nominees in the May 19 vote. So did Sen. Tim Scott (R-S.C.), who previously opposed Lisa Fairfax's nomination.
In April, Warren said it would be “dangerous” to put Peirce on the commission given her critical commentary of the Dodd-Frank Act.
To contact the reporter on this story: Rob Tricchinelli in Washington at firstname.lastname@example.org
To contact the editor responsible for this story: Phyllis Diamond at email@example.com
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to firstname.lastname@example.org.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to email@example.com.
Put me on standing order
Notify me when new releases are available (no standing order will be created)