President Barack Obama turned to academia last week to fill a pair of seats on the U.S. Securities and Exchange Commission, nominating George Washington University Law School professor Lisa Fairfax and Hester Peirce, a senior research fellow at George Mason University’s Mercatus Center.

Fairfax, an expert on shareholder activism who teaches contracts courses and securities law, was nominated to replace Luis Aguilar, a Democrat whose term expired in June. Peirce, director of the Financial Markets Working Group at the Mercatus Center, was nominated to fill the open Repub­lican seat on the commission vacated by former Commissioner Daniel Gallagher.

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