The full Senate late Thursday confirmed the nominations of Kara Stein and Michael Piwowar as new Securities and Exchange Commission commissioners, replacing Elisse Walter and Troy Paredes. SEC Chairwoman Mary Jo White was also confirmed to a full term, which expires June 5, 2019.
Industry groups were quick to respond to the confirmations. The Investment Company Institute said that Stein’s experience as legal counsel and policy adviser to Sen. Jack Reed, D-R.I., and her background in financial policy issues make her “well-prepared” to be an SEC commissioner. Piwowar’s work as the chief economist for the Senate Banking Committee Republican staff “will greatly benefit the Commission, particularly in light of the importance of economic analysis in SEC rulemaking,” ICI said.
In addition, ICI continued, both new commissioners’ Capitol Hill experience “gives them an invaluable background for working within the agency’s legislative framework. We look forward to working with them.”