President Trump is preparing to nominate Republican Hester Peirce to fill one of the two vacant SEC Commissioner slots the White House announced this week. The White House did not announce a Democrat Commissioner nominee, although several news reports have indicated that Columbia Law Professor and former Treasury Department TARP Official Robert Jackson still appears to be the lead candidate. Ms. Peirce, who was also nominated in 2015 by President Obama, is currently a senior research fellow at George Mason University's Mercatus Center and the editor of a book titled “Dodd-Frank: What it Does and Why It’s Flawed.” She formerly worked for Senator Richard Shelby (R-AL) on the Senate Banking Committee Republican staff during the passage of the Dodd-Frank Act and served as counsel to former Republican SEC Commissioner Paul Atkins, who worked closely with the Trump transition team. Ms. Peirce has already been through the ethics office and vetting process under the previous administration and her nomination was even approved by the Senate Banking Committee despite never getting an opportunity for a full Senate confirmation vote. Although it is conceivable that Mr. Trump could choose to nominate Ms. Peirce alone, it is more likely that she would be paired with a Democrat nominee. The nomination is important as Commission rules require a quorum of three commissioners to hold a public meeting to approve rules or take other official action.