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Regulation and Compliance > Federal Regulation > SEC

Senate Panel Schedules SEC Nomination Hearing for Peirce, Jackson

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The Senate Banking Committee announced Tuesday that it will hold a hearing on Oct. 24 for Hester Peirce and Robert Jackson, the two nominees for open SEC commissioner slots.

Peirce, a Republican, who’s currently director of the Financial Markets Working Group and senior research fellow at the Mercatus Center at George Mason University, was nominated by the White House on July 24.

Jackson, a Columbia Law School professor, was nominated on Sept. 5. He would fill the other Democratic seat on the commission if confirmed with a term expiring on June 5, 2019.

If confirmed by the full Senate, Peirce would replace former SEC Commissioner Luis Aguilar and have a term that would expire on June 5, 2020.

Both would enter the agency as it works to coordinate a fiduciary rule with the Department of Labor. SEC Chairman Jay Clayton told a House panel on Oct. 4 that “there ought to be consistency with us and the Department of Labor. We can’t have asymmetric standards.”

Peirce has voiced her concern about Labor’s fiduciary rule. “I’m quite worried about DOL’s proposal, because I’ve heard that the SEC’s input wasn’t considered,” she responded to questioning during a confirmation hearing last March.

“We need to understand how rules like this are going to impact everyday people,” she said, adding that if confirmed she would “want to see what work SEC and DOL had done” on the rulemaking.

Jackson has not shared his views publicly on a fiduciary rulemaking.

Paul Atkins, CEO of Washington-based Patomak Global Partnerswho also served on President Donald Trump’s Strategic and Policy Forum, advising on financial markets regulation and economic policytold ThinkAdvisor in an email on Monday that Clayton “clearly appreciates the harm that a bifurcated regulatory regime would cause retail investors and should be commended for his efforts to advance regulatory consistency between the SEC and DOL.”

Atkins added that he’s “confident that the DOL and SEC, under their new leadership, will work closely together toward a uniform standard that will be a benefit for investors and their advisors.”


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