Fundsters and others watching the Securities and Exchange Commission (SEC
) should prepare themselves for an evenly split commission, at least on party lines.
Commissioner Michael Piwowar
, who revealed
earlier this month that he will resign by July 7, says that he would have preferred to stay on longer to personally hand over his duties to his successor. Speaking
this morning at the 60th annual ICI GMMM
at the Washington Hilton, Piwowar said he did not want to wait indefinitely but that the Trump administration does not even know who they're going to nominate. If the administration did have a chosen contender to nominate, perhaps Piwowar would've stuck around a bit longer, through the nomination and confirmation process.
Investment Company Institute president and CEO Paul Schott Stevens
on stage this morning for the conference's traditional regulatory session. Piwowar said this morning that he promised his wife that he'd only be in Washington for a little while; that was in 2008.
Assuming that a successor for Piwowar isn't found, nominated, confirmed, and sworn any time soon, Piwowar's resignation will be officially effective on Saturday, July 7. As for what's next, he quipped this morning that he's taking phone calls starting on Monday, July 9.
Piwowar's departure will leave the SEC evenly split between two Republican commissioners (Hester Pierce
and Chairman Jay Clayton
) and two Democrats (Robert Jackson
and Kara Stein
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