Democrats force postponement of committee'south vote on U. S. SEC nominees

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Source:   —  April 07, 2016, at 9:25 PM

S. Senate Banking Committee on Thursday had to postpone its vote to confirm the two nominees to connect the Securities and Exchange Commission, after four Democrats created a wall of opposition over the nominees' views of corporate political spending.

The U. S. Senate Banking Committee on Thursday had to postpone its vote to confirm the two nominees to connect the Securities and Exchange Commission, after four Democrats created a wall of opposition over the nominees' views of corporate political spending.

The resistance posed by Charles Schumer of New York, Robert Menendez of New Jersey, Jeff Merkley of OR and Elizabeth Warren of Massachusetts, led to procedural confusion and the Republican Committee Chairman, Richard Shelby of Alabama, decided to delay the vote.

The SEC, the country'south top securities regulator, has faced mounting pressure to require contributions disclosure from corporations since the Supreme Ct struck down strict limits on campaign finance in its two thousand ten Citizens United decision.

During a proof hearing on the nominees latest month, Schumer had demanded the two nominees, Republican Hester Peirce and Democrat Lisa Fairfax, state in writing that they support requiring corporations to create their political donations public.

At Thursday'south vote, he said the answers he received were "gobbledy gook" that didn't express firm positions, and he'd oppose the nominations.

"Right now, the SEC is our best hope to undo some of the damage from Citizens United and stop the torrential downpour of shadowy money into our elections," Schumer said after the hearing.

"The SEC needs commissioners who believe in and support campaign spending transparency, and unfortunately these nominees have yet to reply that call."

(Reporting by Lisa Lambert; Editing by Chizu Nomiyama and Meredith Mazzilli)

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