Michael S. Piwowar, a Republican member of the Securities and Exchange Commission, announced he will resign, according to a statement on the SEC's website.
Mr. Piwowar, who was approved as commissioner by the Senate Banking Committee in July 2013 for a full term set to end this June, in a letter to President Donald J. Trump announced his intention to resign his position on the earlier of July 7 or the swearing in of his successor.
"It has been an honor to serve the American people at such a respected agency and work with such dedicated and talented staff. I began my career in public service at the SEC 16 years ago as a visiting academic scholar and later as a senior financial economist. It was privilege to return to the SEC in August 2013 as a commissioner. I am grateful to former President Barack Obama, Senate Majority Leader Mitch McConnell, Senator Richard Shelby, and Senator Mike Crapo for the opportunity to serve in this role," Mr. Piwowar said in the letter.
Before joining as a commissioner, Mr. Piwowar had been chief economist for the SEC since 2009. He served with the Council of Economic Advisers and the Financial Regulatory Reform Working Group of the President's Economic Recovery Advisory Board, and as an SEC senior financial economist from 2004 to 2006.
The commission has had a full five members since November, when Hester M. Peirce and Robert J. Jackson Jr. were confirmed by the Senate. That vote gave the SEC its first full five-member commission since 2015.
Rob Kozlowski is a reporter at InvestmentNews' sister publication, Pensions&Investments.