Hester Peirce. (Photo: Andrew Herrer/Bloomberg) Hester Peirce. (Photo: Andrew Herrer/Bloomberg)

The Senate Banking Committee approved by voice vote Wednesday the nominations of Hester Peirce and Caroline Crenshaw to be commissioners at the Securities and Exchange Commission.

Peirce and Crenshaw’s nominations must now be confirmed by the full Senate.

If confirmed, Crenshaw will replace former SEC Commissioner Robert Jackson, who left his SEC seat in February to return to teaching at New York University School of Law.

Crenshaw is an attorney at the SEC who worked in Jackson’s office.

Finishing Dodd-Frank mandated rules such as executive compensation should also be a priority for the commission, Crenshaw stated, during her nomination hearing before the Senate Banking Committee on July 21.

Crenshaw, a Democrat, also pointed to two aspects of Regulation Best Interest compliance that she views as especially critical: ensuring firms are held “accountable when they are not appropriately mitigating conflicts of interest,” and that Form CRS actually provides “valuable” information.

SEC Commissioner Peirce, a Republican, was also questioned during the July 21 nomination hearing. Peirce was sworn in on Jan. 11, 2018. If confirmed by the full Senate, her second term would expire on June 5, 2025.

“I feel like the work that I came to the commission to do is not done,” Peirce told senators.

Peirce stated that part of her work will include “helping the economy come out of the current COVID crisis,” including through capital formation.

— Check out SEC Updates Indexed Annuity Investor Bulletin on ThinkAdvisor.