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Rating:Piwowar's SEC Seat Might Stay Empty Awhile Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, May 24, 2018

Piwowar's SEC Seat Might Stay Empty Awhile

Reported by Neil Anderson, Managing Editor

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.

Piwowar joined 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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