Hester Peirce, a Republican on the Securities and Exchange Commission, opposed the $500 million the SEC directed Wells Fargo to pay in connection with the bank’s deal with the agency and the Justice Department on Feb. 21. But she ultimately approved the SEC’s order, which laid out the commission’s allegations against Wells Fargo and included a requirement that it cease and desist from future securities fraud.
Peirce was the only one of the SEC’s four commissioners to register any dissent to the agency’s action against Wells Fargo.
