Senate Banking Committee OK’s Nomination of Stein and Piwowar for SEC

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Kara Stein (center) and Michael Piwowar (right) at Senate Banking hearing on June 27, 2013.

Washington, DC - The Senate Banking Committee today approved the nominations of Kara M. Stein, a Democrat, and Michael Piwowar, a Republican as commissioners for the Securities and Exchange Commission. The committee also voted in favor of a full five-year term for SEC Chairman Mary Jo White, who until now was serving the remainder of a term vacated by her predecessor Mary Schapiro.  The nominations now move to the full senate.

Ms. Stein, a member of Senator Jack Reed’s staff, would replace Commissioner Elisse B. Walters and Mr. Piwowar, a Republican chief economist for the Senate Banking Committee, would replace Commissioner Troy A. Paredes.  During the nomination hearing on June 27, 2013, Nominee Piwowar assured the committee that he would work with Chair Mary Jo White to make sure that priorities are placed on rulemaking mandated under the JOBS Act. When asked whether the SEC should initial focus on rules under the JOB Act, the Dodd-Frank Act of 2010, enforcement actions or other key priorities, Ms. Stein responded “You need to be pursuing all of those objectives at the same time.”

The extended term for Chairperson White drew criticism from Sen. Sherrod Brown (D-OH). “I voted against Ms. White in March. AT the time, I said I hope she proves me wrong. Unfortunately, at this point I review her record as more negative than positive. She’s not yet met the burden of proof to change my mind.”

Article by A. Brian Dengler. Photos courtesy Senate Banking Committee.



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