Hester Peirce likely to be nominated by Trump to SEC

She had originally been been selected by President Obama, but her nomination was stalled in the Senate

Jun 16, 2017 @ 6:16 pm

By Bloomberg News

Hester Peirce, a former U.S. Securities and Exchange Commission counsel and Senate aide, is the Trump administration's likely choice to fill the open Republican seat at the Wall Street regulator, according to people familiar with the matter.

Should President Donald J. Trump pick Ms. Peirce to be an SEC commissioner, her nomination will likely be paired with a candidate backed by Senate Democrats for another vacant seat at the agency, according to the people, who weren't authorized to speak publicly about the process. Candidates that have been discussed for the Democratic spot include Robert Jackson, a Columbia University law professor, and Bharat Ramamurti, an aide to Senator Elizabeth Warren, the people said.

Ms. Peirce is a research fellow at the Mercatus Center at George Mason University who has been sharply critical of the regulatory expansion enacted in response to the 2008 financial crisis. She was initially selected for an SEC seat by President Barack Obama in 2015, but her nomination stalled in the Senate Banking Committee last year along with that of Democrat-backed law professor Lisa Fairfax.

Filling the Republican slot — one of two vacancies on the five-seat commission — could boost SEC chairman Jay Clayton's efforts to act on his agenda, which includes steps to make it easier for companies to raise money in public markets. Mr. Clayton, who was a deals lawyer at Sullivan & Cromwell, has said he sees "meaningful room for improvement" to make U.S. markets more appealing to businesses and investors.

Ms. Peirce and Mr. Ramamurti declined to comment. Mr. Jackson and a White House spokeswoman didn't respond to requests for comment. Trump's SEC nominees would need to be confirmed by the Senate.

0
Comments

What do you think?

View comments

Recommended for you

Featured video

Events

Do you remember your first client?

Advisers remember their very first client. As the next generation enters the workforce, they want to hear advice from the experts. Our student correspondent, Kaylyn Adams, hits the IMPACT floor.

Latest news & opinion

Meet our 2017 Women to Watch

Introducing 20 female financial advisers and industry executives who are distinguished leaders, advancing the business of providing advice through their creativity and hard work.

Raymond James executives call on industry to keep broker protocol

Also ask firms to pay for the administration of the protocol to 'ensure its longevity and relevance.'

Senate committee approves tax plan but full passage not assured

Several Republican senators expressed reservations about the bill, and the GOP cannot afford too many defections.

House passes tax bill, focus turns to Senate

Tax reform legislation expected to have more of a challenge in upper chamber.

PIABA accuses Finra of conflicts of interest

Public Investors Arbitration Bar Association report slams self-regulator over its picks for board of governors.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print