Piwowar attacks SEC chairman at public meeting

New commissioner complains he was not given enough time to review a new rule

Sep 18, 2013 @ 3:52 pm

By Mark Schoeff Jr.

SEC, Michael Piwowar, Mary Jo White
+ Zoom

It didn't take new Securities and Exchange Commission member Michael Piwowar long to make his presence felt.

Participating in his first open meeting Wednesday, Mr. Piwowar lambasted SEC Chairman Mary Jo White for not giving him enough time to review a rule that would require municipal advisers to register with the agency.

Mr. Piwowar's complaint was not related to the substance of the rule, which he voted to approve, but rather the process in which it came before the commission. He asked Ms. White, who sets the schedule, to postpone a vote on the reportedly 800-page rule one or two weeks to give him more time to digest it.

In unusually pointed remarks for the normally collegial SEC public meetings, Mr. Piwowar said that it had been 1,155 days since the Dodd-Frank measure, which contained the muni adviser provision, had been signed into law and 1,113 days since the SEC adopted a temporary rule.

“In this context, a seven- or 14-day delay would have had a de minimis impact on the rule's overall timeline and would have been an insignificant change to the commission's overall rule-making agenda,” Mr. Piwowar said. “Chair White, I hope that we can work together in the future to find ways to satisfy your personal desire to get stuff done and our shared obligation to get stuff done right.”

Ms. White said that she delayed consideration of the rule a couple weeks to allow Mr. Piwowar, a Republican, and another new commissioner, Democrat Kara Stein, to get acclimated to the agency. Mr. Piwowar and Ms. Stein were confirmed by the Senate in August.

Ms. White said she determined that the municipal adviser rule should not be further delayed.

“Believe me, I fully and personally understand that the workload here at the commission is very heavy,” Ms. White said in response to Mr. Piwowar. “But so is, obviously, the responsibility we all have. I recognize we demand a lot of the commissioners and a lot of the staff. I want to reiterate my appreciation to all of the commissioners — including, obviously, Commissioner Piwowar —and the staff for their incredibly hard work and dedication.”

0
Comments

What do you think?

View comments

Recommended for you

Featured video

INTV

Teresa Ghilarducci: Why states are key to solving the national retirement crisis

States are often first movers when it comes to major developments for policies surrounding retirement plans, according to Teresa Ghilarducci, professor of economics at the New School for Social Research.

Latest news & opinion

Phyllis Borzi says opponents of DOL fiduciary rule face uphill climb to further delay or dilute it

Former assistant Labor secretary who crafted the rule says President Trump won't be able to get rid of it simply because he doesn't like it.

Shrinking talent pool puts strain on advisory firms

Attrition, cuts in training programs and new competition make it difficult to fill job openings

Trump miscues, more cash becoming available will drive summer muni bond rally

As Trump agenda derails, municipal bonds are benefitting from flight to safety as well as a mismatch between bonds maturing and new issues.

Indexed, variable annuity sales slump as DOL fiduciary rule looms

Uncertainty around the rule may be contributing to tentativeness from advisers and distributors.

LPL leads a big quarter for broker-dealer moves

Two whopper transitions drive up the average team size to $269M AUM.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print