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Tuesday, June 5, 2018

Trump Picks the Next Piwowar

News summary by MFWire's editors

President Trump has officially picked a successor for Michael Piwowar.

Yesterday the White House confirmed the nomination of Elad Roisman for Securities and Exchange Commission (SEC) Commissioner has been sent to the U.S. Senate for confirmation. Roisman would fill Piwowar's soon-to-be-vacated seat, one of two Republican seats on the commission.

InvestmentNews, Pensions & Investments, Reuters, ThinkAdvisor, and the Wall Street Journal all reported on Roisman's nomination.

Roisman, who is from Maine, currently serves as chief counsel on the U.S. Senate's Committee on Banking, Housing, and Urban Affairs, a post he has held for a year and a half (after two and a half years in a less senior role with the committee). Yet he is no stranger to the SEC: earlier this decade he spent a year and a half as counsel to then-SEC Commissioner Daniel Gallagher, a Republican who spoke out against mutual funds' reliance on proxy advisory firms and against the Dodd-Frank Act. Gallagher was also one of the commissioners who successfully defeated a money fund reform plan back in 2012 (though a different version passed in 2014).

An alumnus of both Cornell University and of Boston University's School of Law, Elad L. Roisman worked at Milbank Tweed Hadley & McCloy and then at NYSE Euronext before joining the SEC under Gallagher in late 2012.

Bond Buyer expects that Roisman will not be joining the commission too quickly, as his nomination is not yet paired with a Democrat's (say, to fill the Democratic SEC Commissioner seat that will open up when Commissioner Kara Stein leaves at the end of the current congressional session in December or January). Indeed, last month Piwowar made it sound like it might be a while before someone fills his spot. If confirmed, Roisman's SEC term would expire on June 5, 2023 (though, as Stein is doing now, SEC commissioners can continue to serve up to 18 months after their terms expire). 

Edited by: Neil Anderson, Managing Editor

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