The White House yesterday nominated Hester Peirce and Lisa Fairfax to serve on the Securities and Exchange Commission. Peirce, the Republican nominee, would fill the vacant seat of former Commissioner Dan Gallagher, while Fairfax would take the seat of outgoing Commissioner Luis Aguilar. Both have long been rumored to be on the short list of potential nominees.
Peirce is a Senior Research Fellow and Director of the Financial Markets Working Group at the Mercatus Center at George Mason University. Prior to that, Peirce was a staffer for Senator Richard Shelby on the Senate Banking Committee alongside current SEC Commissioner Michael Piwowar. She also previously worked as a staff attorney at the SEC and as counsel to former SEC Commissioner Paul Atkins. Her writing has included criticism of the Dodd-Frank Act and the potential macroprudential approach to regulation of the asset management industry by the FSOC.
Fairfax is a professor at George Washington University Law School. Her bio there notes that she specializes in “corporate governance matters, fiduciary obligations, board diversity, shareholder activism, and securities fraud.” Prior to academia, Fairfax practiced in the corporate department of Ropes & Gray.