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It’s Official: Stein and Piwowar In at SEC

Laura Stein

Kara M. Stein

Washington, DC - It’s official: the US Senate approved the appointment Kara M. Stein, a Democrat, and Michael Piwowar, a Republican as commissioners for the Securities and Exchange Commission. The Senate 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.

Michael Piwowar

Michael Piwowar

Ms. Stein, a member of Senator Jack Reed’s staff, would replace Commissioner Elisse B. Walters. Ms. Stein’s term expires June 5, 2017. Mr. Piwowar, a Republican chief economist for the Senate Banking Committee, would replace Commissioner Troy A. Paredes, with Mr. Piwowar’s term ending June 5, 2018.  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 Senate reappointed Mary Jo White to a full time as Chair of the SEC, which will expire on June 5, 2019.

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

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