Shareholder Advocacy Forum Executive Director James Setterlund and Americans for Tax Reform President Grover Norquist sent a letter to the Senate Banking, Housing, and Urban Affairs Committee Chairman Mike Crapo (R-Idaho) and Ranking Member Sherrod Brown (D-Ohio) expressing support for the re-appointment of Securities and Exchange Commissioner Hester Peirce to serve a second-term at the Commission.
President Trump nominated Peirce for her second term as a Commissioner of the SEC in early June. Her current term was set to expire on June 5, but the nomination has added 18 months for the Senate to review and vote to confirm. Commissioner Peirce could serve for at least five more years at the SEC depending on her confirmation before the full Senate.
Commissioner Peirce has a proven track record as one of the most forward thinking and pro-modernization Commissioners the last decade. Her policies represent a commitment to the SECs core tenants of investor protection, facilitating capital formation, and maintaining efficient markets, without burdening the market with expensive and unfair regulations. Commissioner Peirce has encouraged market functionality without transforming the SEC into a government regulator that stifles innovation before new financial products are created.
She has been a proponent of technologies such as blockchain and unafraid to state that the SEC should not be gatekeeper of new technologies. When she has dissented from other commissioners over financial technology, she emphasizes the importance of allowing growth and exploration in the markets. Rather than controlling what innovation or products are introduced to the market, Commissioner Peirce prefers to focus on creating a market environment where new technologies can flourish for investors.
Recently, Commissioner Peirce advocated for increased transparency and accountability measures in the proxy voting process that focused on enhancing the quality of disclosures and avoiding material conflicts of interest. She has also demonstrated her commitment to small businesses and issuers who deserve the same opportunities to thrive as large corporations to access capital from investors willing to support businesses that have not-yet become public. In the same fashion, Peirce opposed a baseless rule proposal that would have cut access to leveraged products for the average American investor who failed a frivolous merit review. This affirmed Peirce’s often stated opinion that the investor-interest in a product should be an important consideration for the SEC.
Commissioner Peirce is known for her willingness to openly engage in dialogue with the investing public. Whether it be about tailoring crypto currency regulations to better serve the market, or supporting capital formation in the private market – Commissioner Peirce cares about feedback from all market participants regardless of the size of their investments in the market. She raises questions that probe investors and issuers, while encouraging forward-thinking comments.
President Trump has recognized the impact of Commissioner Peirce’s contribution to the SEC and the market. Peirce was quoted in February “I certainly do not feel done with that I want to do at the SEC.” Commissioner Peirce is an invaluable asset to the SEC and the investing public.
A full copy of the letter can be found here.