After months of delays and pressure from liberal groups, President Obama has selected Democrat Lisa Fairfax to serve on the U.S. Securities and Exchange Commission on Tuesday. Fairfax, who was recommended by Sen. Sherrod Brown (D-Ohio) and favored by Sen. Elizabeth Warren (D-Mass.), beat out the Obama Administration’s first choice: Keir Gumbs, a corporate lawyer with Covington & Burling, a high-powered firm that represents numerous financial institutions.
Director of the non-profit consumer rights group Public Citizen, Lisa Gilbert, said her organization was hopeful that Fairfax would be a “strong investor advocate.”
Fairfax will be replacing the open Democratic seat on the Securities and Exchange Commission vacated by current Commissioner Luis Aguilar.