With the recent resignation of Caroline Crenshaw, there are now two vacancies at the top of the Securities and Exchange Commission. The sticking point in filling these vacancies has been President Trump’s unwillingness to appoint Democrats to run our federal agencies. However, assuming the constitutionally required advice and consent of the Senate is provided, what is stopping President Trump from appointing…
With the recent departure of Commissioner Carolyn Crenshaw as the last remaining Democrat serving on the five-member Securities and Exchange Commission—leaving only the Republican Chairman and two fellow Republican Commissioners in place—President Trump has a golden opportunity to do something quintessentially Trumpian: appoint two more Republicans to fill the two now-empty Democrat seats. Whatever the policy merits of an all-Republican…
By law, the SEC is a bipartisan agency, meaning that at least two of the commissioners must be from another party. The majority partisanship of the agency often reflects whoever is holding office in the White House. Carol Goforth, distinguished professor and the Wylie H. Davis Centennial Professor of Law at the University of Arkansas (Fayetteville) School of Law, described…
… the absence of a bipartisan slate of commissioners at the CFTC and SEC has become a sticking point for crypto legislation in the U.S. Senate. One of the remaining points of debate over the bill that could establish a U.S. crypto regulatory regime is the Democrats’ demand that their party’s vacancies be filled at the two agencies. It’s unclear…
Commissioner Caroline Crenshaw has devoted more than a decade of distinguished service to the Securities and Exchange Commission. Over those years, she has been a steadfast advocate for the agency’s mission – demonstrating clarity of purpose and generosity of spirit. Commissioner Crenshaw has listened carefully, engaged substantively, and approached every day with the purpose of safeguarding investors and strengthening our…
The two agencies most responsible for policing Wall Street will start the new year with only Republicans at the helm, marking the rare return of single-party dominance that is likely to endure as the regulators confront thorny new policy questions. At the Securities and Exchange Commission, responsible for protecting investors in US stock markets, the sole remaining Democratic commissioner, Caroline…
The SEC held a farewell event this week for Commissioner Caroline Crenshaw, who will leave the Commission in the next few weeks. Once she departs, the Commission will be down to just three members. On paper, that still works. Three Commissioners is a quorum. In practice, though, it puts the agency on a very narrow ledge. With only three Commissioners,…
We’re reducing corporate accountability. In my view, deterring misconduct is a public good. Corporate actors come into compliance with the rules because failing to do so has costs. But we’re moving away from the deterrence framework: dropping litigations, lower enforcement numbers, lower civil penalties, presidential pardons, allowing mandatory arbitration, meaning no-class action private enforcement of shareholder rights. Our whistleblower cadence…
Currently in his second term as SEC Commissioner, Uyeda first joined the agency in 2006 as counsel to then-Commissioner Paul Atkins. That early position also had Uyeda working closely with Hester Peirce, who was also counsel to Atkins. It’s “a bit weird” that 20 years after they all met, they’re still “doing the same thing,” Uyeda joked. Both Uyeda and…
The S.E.C. will soon be without its one remaining Democratic commissioner, Caroline Crenshaw, as her term is set to come to a close on Jan. 3. And Crenshaw is worried about the partisan future of the nation’s leading securities watchdog, Niko Gallogly writes. Crenshaw was left as the lone Democrat in the role after the S.E.C.’s former chair, Gary Gensler,…