A U.S. Senate panel delayed action on two nominees for the Securities and Exchange Commission, adding to uncertainty over when the regulator will have a full slate of members.
Senate Banking Committee Chairman Richard Shelby suspended a vote Thursday on several nominees for federal agencies after Democratic lawmakers said they opposed the SEC candidates. Senators Charles Schumer and Robert Menendez were among Democrats who said they were against Hester Peirce and Lisa Fairfax joining the SEC, due to concerns that the nominees wouldn’t push for new disclosure requirements on corporations’ political spending.
The delay means the SEC is no closer to having a full panel of officials who get a say on rules for public companies and whether to punish individuals and corporations for violations of securities laws. The regulator hasn’t had a complete roster of commissioners in six months and has been down to three members since December.