Elad Roisman, the Senate Banking Committee’s chief counsel, has been nominated to serve on the Securities and Exchange Commission, replacing Commissioner Michael Piwowar, a Republican, who plans to resign on July 7.
Senate Banking Committee Chairman Mike Crapo, R-Idaho, said in a statement that “Elad is exceptionally well-qualified for this important position at the SEC, and I congratulate him on this announcement.”
Roisman has also served as counsel to former SEC Commissioner Dan Gallagher, and before that chief counsel to NYSE Euronext.
“Having worked on securities issues for many years — in both the public and private sectors — he has demonstrated his in-depth knowledge of our capital markets and other complex issues,” Crapo said. “His wealth of experience and expertise will be an invaluable asset to the SEC, and I am confident that as a commissioner, he will work to fulfill the agency’s mission.”
Piwowar’s term is set to expire on June 5, but commissioners can stay on for 18 months after their term expires.
Commissioner Kara Stein, a Democrat whose term expired last year, is also set to leave the commission this year.
Former SEC Chairman Arthur Levitt told ThinkAdvisor in a Monday email note that while he doesn’t personally know Roisman, he believes that appointing former Senate or House staff members to Commission seats “tends to politicize the Commission in a non-constructive way.”