New SEC commissioners Hester Pierce and Robert Jackson were sworn in on Thursday by Securities and Exchange Commission Chairman Jay Clayton.
Jackson, a Democrat, and Peirce, a Republican, were nominated to fill the two commissioner spots by President Donald Trump; both were confirmed by the Senate on Dec. 21.
“I look forward to working with Rob and Hester as we continue our focus on our vital mission and ensuring that our markets are working for the benefit of Main Street investors,” said Clayton in a statement. “It is clear to me they will bring energy, commitment, and dedication to our work and have our mission at the front of their minds.”
Jackson said in the statement that he was “honored” to join Clayton and Commissioners Kara Stein, Michael Piwowar and Peirce “in the SEC’s critical mission of ensuring that investors are protected, that our markets provide a level playing field for all Americans, and that entrepreneurs have access to the capital they need to create jobs.”
“It is such an honor to return to the SEC to work with my colleagues on the Commission and the staff for the benefit of investors and the American economy,” said Peirce, in the statement.
Both Peirce and Jackson join the commission as the agency preps a fiduciary rule for brokers, anticipated to be released as soon as the second quarter.
In testimony during their nomination hearing before the Senate Banking Committee on Oct. 14, both Peirce, a fellow at the pro-free-market Mercatus Center, and Jackson, a Columbia Law School professor, voiced their support for the agency moving ahead on a fiduciary rulemaking, but they signaled that the agency should tackle other priorities first.
With Jackson and Peirce, the agency has a full commission for the first time since 2015. However, Stein’s term expired last June while Piwowar’s term ends this year.
— Check out FINRA Plays ‘Gotcha’ With Brokers, Short-Changes Investors: Hester Peirce on ThinkAdvisor.