The struggle to add two commissioners to the SEC drags on, leaving SEC Chair Mary Jo White and two other SEC commissioners (Michael Piwowar and Kara Stein) to do the work of what is supposed to be a five-member commission. The most recent development in this saga came yesterday, when it was believed that nominees Lisa Fairfax and Hester Peirce would finally be approved. Nope! The WSJ reports that after a confusing voice vote, four Democrats on the Senate Banking Committee indicated that they opposed the nominees, leading Committee Chairman Richard Shelby to postpone the vote.
