Securities Regulation Daily Senate confirms Peirce and Crenshaw as SEC commissioners
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Friday, August 7, 2020

Senate confirms Peirce and Crenshaw as SEC commissioners

By Rodney F. Tonkovic, J.D.

With the confirmations of Caroline Crenshaw and Hester Peirce, the SEC is fully staffed.

The full Senate has approved the nominations of Hester Peirce and Caroline Crenshaw to serve as SEC Commissioners. Crenshaw, nominated by President Trump in June and most recently a senior counsel at the SEC, will fill the Democratic vacancy created by the departure of Robert Jackson. Crenshaw will serve until June 5, 2024. Commissioner Peirce has been reappointed for a new term expiring on June 5, 2025. The other three commissioners released a brief statement congratulating Peirce and Crenshaw on their confirmations.

The Senate Committee on Banking, Housing and Urban Affairs approved the nominations on August 5, 2020, and the full Senate confirmed them by voice vote on the next day. The nominees were questioned by the Committee on July 21, 2020 concerning, among other matters, their approach to the current and post-COVID economy. Crenshaw emphasized the need to finalize Dodd-Frank mandated rules on executive compensation, remarking that transparency is needed to hold executives accountable and ensure that their compensation was not earned at the expense of investors and employees. Peirce, who has come to be known as "Crypto-Mom," expressed a desire to make cryptocurrency safer, with clearer guidance on the issue and also said that there is a need to make improvements to the crowdfunding rule to ease capital-raising.

Crenshaw. Caroline A. Crenshaw was nominated by President Trump in June 2020 to fill a vacancy left when Robert Jackson, Jr. stepped down in February. She has served as a senior counsel at the SEC and was counsel to former commissioners Jackson and Kara M. Stein. Crenshaw, who joined the Commission in 2013, has also worked in the SEC’s Office of Compliance Inspections and Examinations and the Division of Investment Management. Crenshaw is the second Democrat on the Commission, along with Allison Herren Lee.

Peirce. Republican Hester M. Peirce was first sworn in as a commissioner on January 11, 2018. Prior to her appointment, Commissioner Peirce served as a Senior Research Fellow and Director of the Financial Markets Working Group at the Mercatus Center at George Mason University. She previously worked for U.S. Senator Richard Shelby on the Senate Committee on Banking, Housing, and Urban Affairs, and, prior to that, as counsel to then-SEC Commissioner Paul S. Atkins and as a Staff Attorney in the Division of Investment Management.

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