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SEC Nominees Stein, Piwowar Approved by Senate Banking Committee

July 18 (Bloomberg) -- The U.S. Senate Banking Committee approved the nominations of Michael Piwowar and Kara M. Stein to be members of the Securities and Exchange Commission.

The committee approved the nominees by voice vote today along with a full five-year term for SEC Chairman Mary Jo White, who is currently serving the remainder of a term vacated by her predecessor Mary Schapiro. The nominations now move to the full Senate, where they may be approved before lawmakers leave for the August Congressional recess.

Stein and Piwowar would join the SEC as it adapts to a new agenda under White, who says the agency’s rulemaking priorities are prescribed by the Dodd-Frank Act of 2010 and the Jumpstart Our Business Startups Act of 2012.

Stein would replace Elisse B. Walter as a Democratic commissioner and Piwowar would succeed Troy A. Paredes as a Republican appointee on the five-member commission. Stein has been a top aide to Senator Jack Reed, a Rhode Island Democrat, and Piwowar has been the chief Republican economist on the Senate Banking Committee.

Piwowar, 45, would become one of the few economists to serve as an SEC commissioner. He received a doctorate in finance from Pennsylvania State University and previously was an economist at the SEC and at the White House under George W. Bush and President Barack Obama. He would join the commission as it seeks to improve its integration of economic analysis into rulemaking.

Stein, 49, was staff director of Senate Banking’s securities and insurance subcommittee, which Reed led from 2009 until earlier this year. After Reed left the post, Stein moved to his office as a senior policy adviser and legal counsel. She holds undergraduate and law degrees from Yale University, according to Reed’s office.

To contact the reporter on this story: Cheyenne Hopkins in Washington at chopkins19@bloomberg.net

To contact the editor responsible for this story: Maura Reynolds at mreynolds34@bloomberg.net

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