The U.S. securities industry lobby group, the Securities Industry and Financial Markets Association (SIFMA), is calling for the quick confirmation of two new commissioners have been nominated to join the U.S. Securities and Exchange Commission (SEC).
Late last week, U.S. president Barack Obama nominated Michael Piwowar to serve as a member of the SEC to replace commissioner, Troy Paredes, whose term is expiring. Piwowar’s term would run until June 5, 2018.
Obama also named Kara Stein for a term expiring June 5, 2017, to replace commissioner, Elisse Walter, whose term has already expired.
Piwowar, an economist, was an aide to Republican senator, and ranking member of the Senate Banking, Housing and Urban Affairs Committee, Mike Crapo of Idaho. Stein also worked as a top aide to a member of the Senate Banking Committee, Democratic member, Jack Reed of Rhode Island.
On Tuesday, SIFMA’s CEO, Judd Gregg, issued a statement endorsing the nominations. “These are two smart, thoughtful and talented people who will certainly contribute greatly to the SEC’s mission of protecting the American public and investors and enhancing America’s capital markets. It was a pleasure to work with them in the Senate. Prompt confirmation by the Senate would be good for the country and for the economy.”
Outgoing SEC commissioner Parades said that with the regulator currently addressing many significant issues, such as finalizing the implementation of new Dodd-Frank rules and implementing the JOBS Act, “it is quite an important time to join the agency.”
He noted that he will stay on until Piwowar joins the SEC. “Although I’m leaving the commission, I intend to remain involved in the financial and corporate governance issues of the day, and I look forward to new opportunities to make a positive impact for investors, companies, and our markets,” he said.
“Mike’s in-depth expertise of capital markets and background as a chief economist make him exceptionally well-qualified for this position as the SEC moves forward on critical issues,” noted Crapo.