A lot has been written about the pros and cons of the SEC's new rules regarding short-selling. However, perhaps even more significant--but widely overlooked--is the fact that on Wednesday, the SEC approved the changes with a 3-2 vote. 

This is a big deal, folks. Christopher Cox, SEC chairman during President Bush's second term, was widely criticized for his policy that the regulator only passes new rules unanimously. His goal was to avoid partisan votes, since commissioners are typically chosen based on party affiliation. However, keep in mind that there cannot be more than three commissioners from the president's party.

In any case, during Cox's first 22 months as chairman every rule was approved unanimously. Critics asserted that Cox's policy prevented important issues to be resolved, preserving the status quo under Bush.

One major proposal that never saw a vote among the five commissioners because it would have resulted in a 3-2 vote was Proxy Access, which would have permitted certain investors to nominate directors to a company's board under certain circumstances. It just so happens that the U.S. Chamber of Commerce and the business Roundtable-two pro-business groups-vehemently opposed this rule.

Mary Schapiro, President Obama's choice for SEC chairman who is widely credited for not having a tin ear, came into office vowing to pass new rules by a 3-2 vote. In fact, in an interview with me late last year for another publication, Schapiro stated emphatically: "I would love things to be 5-0, but if I can't, I can't." 

And, on Wednesday she put her votes where her mouth is, approving the new short selling rules by a 3-2 margin, with both Democratic commissioners lining up with Schapiro, who is an independent.