SEC Commissioner Hester Peirce Begins Second Term While Caroline A. Crenshaw Begins First Term as New Commissioner

The Securities and Exchange Commission (SEC) has announced that Caroline A. Crenshaw and Hester M. Peirce have been sworn into office as SEC commissioners.

Commissioner Peirce is commencing her second term as a Commissioner while Commissioner Crenshaw is beginning her first. Commissioner Crenshaw fills a term that expires on June 5, 2024, while Commissioner Peirce fills a term that expires on June 5, 2025.

Both Peirce and Crenshaw were confirmed by the US Senate on August 6, 2020.

SEC Chairman Jay Clayton commented on the news:

“On behalf of all my colleagues, I am pleased to congratulate Caroline and Hester on being sworn in as SEC commissioners. Caroline brings to the Commission a deep knowledge of the SEC and its work on behalf of America’s investors and I look forward to seeing her expertise further benefit the Commission’s work. As a Commissioner, Hester has been a tremendous advocate for our markets and investors, and I know she will continue to be a strong voice for them in the years to come.”

Commissioner Crenshaw stated:

“It is an honor to serve as an SEC commissioner. I believe in the mission deeply, and I look forward to working with Chairman Clayton and Commissioners Peirce, Roisman, and Lee and the dedicated staff to promote and protect the interests of American families.”

Commissioner Peirce added:

“I am honored to be able to continue to serve our investors and protect the integrity and efficacy of our markets together with the SEC staff and my fellow commissioners, including my newest colleague, Commissioner Crenshaw.”

Commissioner Crenshaw is a captain in the United States Army Reserve, Judge Advocate General’s Corps, and has served in positions across the SEC, including in the Office of Compliance Inspections and Examinations, the Division of Investment Management, and as counsel to Commissioners Kara Stein and Robert J. Jackson, Jr.  Before joining the SEC in 2013, Commissioner Crenshaw practiced law at Sutherland, Asbill and Brennan LLP, where she represented public companies, broker-dealers, and investment advisers on complex securities law investigations and enforcement matters.

Commissioner Crenshaw received her bachelor’s degree in Government from Harvard College and her law degree from the University of Minnesota Law School.

Commissioner Peirce first was sworn in as a Commissioner in 2018. She has focused particularly on matters of innovation in financial services, such as Fintech and digital assets, and has led the Commission’s efforts to stand up the Dodd-Frank Act Title VII regulatory regime.

Prior to rejoining the SEC in 2018, Commissioner Peirce conducted research on the regulation of financial markets at the Mercatus Center at George Mason University. She was previously a Senior Counsel on the U.S. Senate Committee on Banking, Housing, and Urban Affairs, where she advised Ranking Member Richard Shelby and other members of the Committee on securities issues. Commissioner Peirce also served as counsel to SEC Commissioner Paul S. Atkins. She has worked as a staff attorney in the SEC’s Division of Investment Management. Commissioner Peirce was an associate at Wilmer, Cutler & Pickering (now WilmerHale) and clerked for Judge Roger Andewelt on the Court of Federal Claims.

Commissioner Peirce earned her bachelor’s degree in Economics from Case Western Reserve University and her law degree from Yale Law School.


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