Elad Roisman, the Senate Banking Committee’s chief counsel, was confirmed by the Senate Wednesday to serve as a commissioner at the Securities and Exchange Commission, replacing former Commissioner Michael Piwowar.
Roisman was confirmed by a 85–14 vote.
Sen. Richard Shelby, R-Ala., applauded the Senate confirmation of his former counsel.
Roisman’s “confirmation is excellent news for the Securities and Exchange Commission and for our nation’s financial system,” said Shelby, in a statement. “The time he spent as my trusted advisor gives me confidence that he will assist the commission in effectively overseeing our capital markets.”
During his July 24 nomination hearing before the Senate Banking Committee, Roisman was questioned about the agency’s advice standards package.
He told lawmakers that it was “important for the agency to act” in proposing its Regulation Best Interest for brokers, and he encouraged the public to comment on the entire advice package.