Minnesota Securities Commissioner Mike Rothman stepped down from his post effective Tuesday and is expected to run for the state’s attorney general post.
Rothman, who served a one-year term as president of the North American Securities Administrators Association from 2016 to 2017, was appointed to serve as commissioner of the Minnesota Department of Commerce in January 2011.
“For nearly seven years, Mike Rothman has devoted himself to protecting consumers, improving the lives of Minnesotans, and ensuring fair regulatory environments for Minnesota’s businesses,” said Minnesota Gov. Mark Dayton, in a statement.
Jessica Looman, Deputy Commissioner for the Minnesota Department of Labor and Industry (DLI) since 2014, will succeed Rothman as Commissioner of the Minnesota Department of Commerce starting on Nov. 17.
“Jessica Looman will be an excellent Commerce Commissioner,” said Governor Dayton, in the statement. “She has done an outstanding job improving the efficiency of the Labor Department and its services – ensuring workers and consumers get the protections they deserve, and businesses get the quick and quality services they expect. As Commerce Commissioner, Ms. Looman’s commitment to quality government services and responsible regulation will serve Minnesotans very well.”
Rothman noted in a Nov. 17 statement announcing his departure some of the accomplishments achieved during his seven years leading the state’s Commerce Department.
The department, he said, protected Minnesota consumers by enforcing the law.
Since 2011, Commerce civil investigations have secured settlements with 13 life insurance companies for unpaid benefits, requiring them to reform their claims practices and pay more than $226 million in overdue benefits to Minnesotans. The Commerce Fraud Bureau investigations led to criminal charges involving fraud and financial crimes with a total economic impact of $150 million during the past five years.
The department also “fought hard to protect seniors against financial fraud and scams, working closely with local law enforcement, social service agencies, financial professionals and senior groups throughout Minnesota.”
While serving as NASAA president, Rothman also instituted a cybersecurity checklist for advisors.
“Cybersecurity is a growing challenge and no investment advisor of any size can afford the loss in client trust — much less financial losses — that will result from a serious cybersecurity failure,” Rothman said in September.