The White House announced Tuesday that it has nominated George Washington University law professor Lisa Fairfax and Mercatus fellow Hester Peirce to replace SEC Commissioners Luis Aguilar and Daniel Gallagher.
Peirce replaces Gallagher, a Republican, who left his post on Oct. 2; his term was to expire in 2016.
Peirce, a senior research fellow at George Mason University's Mercatus Center, has also served as a lawyer for the Senate Banking Committee, and is a verbal opponent of the Dodd-Frank Wall Street reform law. Pierce would also likely oppose a fiduciary rule issued by the Securities and Exchange Commission that imposes the Investment Adviser Act fiduciary duty on brokers.
Fairfax, who would replace Aguilar, a Democrat, is the Leroy Sorenson Merrifield Research Professor of Law at the George Washington University Law School. Prior to joining the GW law faculty, Fairfax was a professor of law and director of the Business Law Program at the University of Maryland School of Law.
"I want to congratulate Lisa Fairfax and Hester Peirce on their nominations to be SEC commissioners," said Chairwoman Mary Jo White, in a statement. "As their confirmation process moves forward, the Commission remains focused on its critical work to protect America's investors and our markets."
