The Senate Banking Committee approved by voice vote Wednesday morning the nominations of Hester Peirce and Robert Jackson to be commissioners at the Securities and Exchange Commission.
The nominations now move to the full Senate for consideration.
The top Democrat on the committee, Sherrod Brown of Ohio, stated at the Wednesday morning executive session to vote on the nominees that he has “not always agreed with the SEC nominees or its commissioners, but they play and important role in protecting our markets. Accordingly, it’s important to have a full commission.”
Investor protection, he said, should be Peirce and Jackson’s “key concern.”
Brown added that news reports that the SEC enforcement division will be obtaining “fewer admissions of guilt and focus primarily on fraud targeting retail investors” is “not welcome news.”
The SEC, he continued, “can, and the SEC should, pursue both, including large institutions that engage in systematic misconduct and those who prey on Main Street investors. If funding a broad enforcement program is an issue, then both SEC nominees should speak up and Chair [Jay] Clayton will make the case to Congress for more funding. The SEC must be funded appropriately to do its job to protect Americans who are saving and investing for their future.”
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