June 30, 2016

SEC Commissioner Nominees: Confirmation Not Gonna Happen (Anytime Soon)

The ridic Senate battle over confirmation of the SEC’s two Commissioner nominees continues. Here’s an excerpt from this WSJ article by Andrew Ackerman:

The two nominees to fill vacancies on the Securities and Exchange Commission face new delays—as at least one Democratic lawmaker has moved to block a Senate confirmation vote. A procedural step known as a “hold,” has been placed on Hester Peirce, a Republican nominee for the agency, according to a Democratic Senate aide.

That throws into limbo the confirmation this year of Ms. Peirce—and that, in turn, is likely to stall consideration as well for Lisa Fairfax, a Democrat tapped for a second vacancy at the five-member commission. That is because the Senate usually considers Democratic and Republican nominees together, to ensure partisan balance at the commission. So it is highly unlikely the chamber would consider Ms. Fairfax without also voting on Ms. Peirce.

Delays in advancing the nominees mean it may be up to the next presidential administration and Congress to restore the top U.S. markets regulator to its full complement of commissioners. The agency has operated with only three since January. If the SEC remains with only three commissioners, it could be difficult for SEC Chairman Mary Jo White to advance her agenda in what is likely her final year at the markets regulator, due to agency rules requiring a quorum of three commissioners to attend all votes. The Senate aide declined to identify any senator behind the hold.

The procedural move means the Senate is unable to quickly confirm both SEC nominees. The nominees could still advance, but overcoming a hold generally requires the high hurdle of support from 60 senators. Consideration of their nominations also would eat up valuable floor time that is in short supply, as the legislation session is truncated in advance of November’s election.

The SEC’s Pinterest Page

I’m digging the SEC’s Pinterest page. Check out the video of Joe Kennedy from 1934. And Peter Romeo is in the picture on the top left from the ’70s – he still looks the same!

ISS Opens “Peer Group” Submission Window for Non-12/31 Companies

Starting new Tuesday, July 5th, ISS will open its “peer group” submission window until July 15th. Only companies that have made changes need to submit new peers. And only companies with meetings between September 16th, 2016 and January 31st, 2017 are invited to participate in this round.

Broc Romanek