At a Senate Banking Committee executive session Thursday, SenateDemocrats opposed the nomination of two people selected for theSecurities and Exchange Commission, which led to a postponed voteby Committee Chairman Richard Shelby (R-Ala.).

The nominees in question were Lisa Fairfax, nominated as theDemocratic member to the SEC, and Hester Peirce, nominated as theRepublican member to the SEC.

Shelby moved to vote on all nominations en bloc, as opposed tovoting on an individual basis. Ultimately, Shelby moved to postponethe vote, as all Democrats voted against the nominations as awhole.

Initially, Shelby called out that the ayes have it, even thoughthere were six Republicans and six Democrats voting, and Sen. TimScott (R-S.C.) said he voted no.

Sen. Sherrod Brown (D-Ohio) questioned the length of time it hastaken the Senate Banking Committee to bring the nominations beforethe committee.

“These people have been asked to take on important jobs and itis incumbent for us to act on them promptly,” Brown said before thevote.

He cited the extensive time some of the nominees have beenwaiting for a vote. Jay Neal Lerner, who was nominated to theinspector general position at the FDIC, has been waiting for 500days, Brown said. Additionally, Amais Gerety, who was nominated tobe an assistant secretary of the Treasury, has been waiting foralmost 400 days, he added.

“I hope we can do better on future nominees,” he said.

In a nod to NCUA Board Member J. Mark McWatters’ nomination to the Export-Import Bank, he added, “I would askthat we move forward more quickly for the nomination to theExport-Import Bank, which will mean that agency will be able tocarry out its mission.”

Shelby said he will not move on the McWatters nomination until theadministration nominates a vice chairman of supervision to theFederal Reserve.

Opposition to the SEC nominees came from several SenateDemocrats. Sen. Chuck Schumer (D-N.Y.) said his opposition stemmedfrom both nominees failing to provide a sufficient answer to thequestion of the SEC’s rulemaking on the disclosure of corporatepolitical spending.

“This should be a priority for the SEC,” Schumer said.“Citizen’s United opened the floodgate for a deluge of dark moneyinto the political system.”

He added both Peirce and Fairfax demurred on their positions onthe subject.

The senator asked both to submit their responses in writing.

“Their answers were gobbly gook,” he said.

Sens. Robert Menendez (D-N.J.) and Jeff Merkley (D-Ore.) bothexpressed reasons for the opposition that were similar toSchumer’s. However, Sen. Elizabeth Warren (D-Mass.) took heropposition a step further, particularly against Peirce.

“I have serious concerns about Ms. Peirce’s nomination based onher stated views about Dodd-Frank,” Warren said. “I think that itis dangerous [to have] anyone in an SEC commissioner position,someone that would have to implement and enforce the law, who seemsto be so adamantly opposed to the financial reforms that Congressput in place.”

Peirce has been an outspoken opponent of both the Dodd-Frank Actand the CFPB, and is a senior research fellow at the MercatusCenter at George Mason University.