At a glance
- Levine, a Maryland Republican at the White House Council of Economic Advisers, would serve through June 5, 2030.
- The SEC has had only two sitting commissioners, Chairman Paul Atkins and Mark Uyeda, since Peirce left on Oct. 2.
- For fund advisors, the quorum change could fast-track a proposal allowing them to charge performance fees of up to 20% of net gains, critics argued.
President Donald Trump on Thursday sent Democrat Kristin Johnson and Republican Steven Levine to the Senate as nominees for the SEC's two vacant commissioner seats, InvestmentNews reported.
Johnson would take Caroline Crenshaw's former seat and Levine would fill Hester Peirce's. Johnson, a Michigan Democrat and former CFTC commissioner, would serve through June 5, 2029. Levine, a Maryland Republican at the White House Council of Economic Advisers, would serve through June 5, 2030. Trump also nominated Republican Nathan Anonick and Democrat Matthew Rowland to the CFTC.
The SEC has had only two sitting commissioners, Chairman Paul Atkins and Mark Uyeda, since Peirce left on Oct. 2. Days before she left, the agency amended its quorum rule so one commissioner can act when the other is disqualified from a matter.
For fund advisors, the quorum change could fast-track a proposal allowing them to charge performance fees of up to 20% of net gains, critics argued. Confirmation would add a third voting member to the commission.
Reported by the RIA desk from InvestmentNews. Published . Corrections