The Senate Banking Committee is scheduled to hold a full executive session Thursday to vote on the nominations of the two new SEC commissioners, Hester Peirce and Lisa Fairfax.
If confirmed by the full Senate, Peirce, a Republican, and Fairfax, a Democrat, will be instrumental in helping the agency determine the outcome of a potential uniform fiduciary rule for brokers and advisors as well as whether the agency will require advisors to receive a third-party audit.
They both voiced concern about the Department of Labor’s forthcoming rule to redefine the definition of fiduciary under the Employee Retirement Income Security Act during their March 15 Senate Banking Committee confirmation hearing.
Peirce said at the hearing that she is “quite worried” that the DOL failed to consider the Securities and Exchange Commission’s input on its forthcoming rule to amend the definition of fiduciary on retirement advice, and that she fears the rule will “cut a whole segment of people” from access to advice.
Peirce and Fairfax received congratulations – and sometimes heated questions — from members of the Senate Banking Committee during their confirmation hearing.