Piwowar to resign from SEC

GOP commissioner says he will step down by July 7

May 8, 2018 @ 9:26 am

By Rob Kozlowski

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.

0
Comments

What do you think?

View comments

Recommended for you

Featured video

Events

The importance of a diverse team

Clients, advisers, and even communities are telling firms that yes, diversity within the advisory community is important.

Latest news & opinion

LPL video about private equity looks like a swipe at Cetera

Recruiting video warns about potential consequences for advisers when a PE firm buys a broker-dealer.

Envestnet Tamarac partners with Schwab, TD on digital account openings

Auto-filling documents designed to make onboarding more efficient for RIAs and more convenient for clients.

Wells Fargo plans to cut staff up to 10% within next three years

Bank is struggling to cut spending amid regulatory fines and higher legal costs stemming from scandals.

Universal life insurance lawsuits underscore product risk

Sudden cost increases could cause clients to pay much higher annual premiums — or lapse their policies.

10 least affordable U.S. cities for renters

Based on average salaries and rents, here are the least affordable U.S. cities for renters, according to businessstudent.com.

X

Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting investmentnews.com? It'll help us continue to serve you.

Yes, show me how to whitelist investmentnews.com

Ad blocker detected. Please whitelist us or give premium a try.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print