The Senate Banking Committee will hold a confirmation hearing Thursday for President Barack Obama’s SEC nominees—Kara Stein and Michael Piwowar.
Stein, an aide to Sen. Jack Reed, D-R.I., will replace SEC Commissioner Elisse Walter, a Democrat, and Piwowar, an economist on the Senate Banking Committee’s staff, will replace Troy Paredes, a Republican.
If confirmed by the Banking Committee and then by the full Senate, Piwowar and Stein will enter the commission at a time when lots of rulemakings are up in the air—namely creating a fiduciary rule for brokers and making further reforms to money-market funds.
Paredes’ term expired on June 5. Walters’ term technically expired on June 5, 2012, but she can stay in office until the end of this year.
Piwowar’s term would expire on June 5, 2018, and Stein’s term would expire on June 5, 2017.