A Republican SEC commissioner nominee came out against the Labor Department’s proposed fiduciary rule for retirement plan advisors on Tuesday.

“It would cut a whole segment of people from getting financial advice,” nominee Hester Peirce said at a Senate Banking Committee confirmation hearing for her and Lisa Fairfax, a Democratic SEC commissioner nominee.

Fairfax was non-committal on the rule.

“I don’t have clear understanding of the implications,” she said, adding it is important to protect access to financial advice for low- and moderate-income families.

Afterwards, Banking Committee Chairman Richard Shelby, R-Ala., refused to say if he was for the DOL’s proposal that retirement plan advisors be required to act in the best interest of participants.

Nominated in late October, Fairfax would replace Democrat Luis Aguilar, whose four-year term expired last year. Peirce would take the place of Republican Dan Gallagher, who resigned in 2015.

Fairfax is a George Washington University securities law professor. Peirce is the director of the George Mason University Mercatus Center Financial Markets Working Group.

Mercatus was co-founded and is bankrolled by conservative billionaire political activist and fundraiser Charles Koch.

Fairfax has written extensively on shareholder rights. Peirce has been an outspoken critic of the Dodd-Frank Act who once wrote rules for investment advisors and investment companies as a staff attorney for the SEC’s Division of Investment Management. She is also a former counsel to Shelby

Both have served recently on the SEC Investor Advisory Committee.

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