The Senate confirmed Michael Piwowar and Kara Stein as members of the Securities and Exchange Commission by unanimous consent Thursday evening.
Before adjourning for August recess, the Senate also confirmed SEC chairman Mary Jo White to a full term.
Democrat Stein, formerly a top aide to Sen. Jack Reed, D-R.I., will replace commissioner Elisse Walter. Piwowar, formerly the Republican chief economist to the Senate Banking Committee, will replace commissioner Troy Paredes. Stein's term will expire June 5, 2017, and Piwowar's on the same day the following year. White's full term will expire on June 5, 2019. She had been serving a partial term previously vacated by Walter during a shuffling of commissioners following Mary Schapiro's resignation at the end of 2012.
Piwowar and Stein will be tasked with working on a number of current issues affecting the municipal market, including the release of final registration rules for municipal advisors containing a definition for MAs, possible new rules for money market funds, and any followup action on recommended reforms for the municipal market. The duo will still need to be sworn in before they can assume their posts.
Bond Dealers of America president and chief executive officer Mike Nicholas expressed the group's approval of the confirmations.
"The BDA is pleased with the Senate's action to confirm two highly qualified candidates for commissioners at a time when there are many issues of significant interest and top priority for middle market dealers, including the municipal financial advisor rule and potential action on the recommendations of the municipal market report," Nicholas said. "Kara and Mike arrive with a solid background in municipal securities, which will be essential to working through issues surrounding rules that will greatly affect the municipal market. We were also gratified to see the extension of Mary Jo White's term so that her seasoned leadership skills and great knowledge of the financial services industry as a whole can continue to drive the agency to successful outcomes and prioritization of key issues of unique importance to middle market and regional securities dealers."
Other market groups also sang the praises of the new commissioners, who faced essentially no opposition as they cruised through the nomination process.
"On behalf of NASAA and its members, I congratulate Kara Stein and Michael Piwowar on their confirmation to serve on the SEC," said A. Heath Abshure, president of the North American Securities Administrators Association. "These talented and distinguished public servants will make strong additions to the commission. State securities regulators have worked with Kara and Michael on issues of importance to main street investors while they served members of the Senate Banking Committee staff, and we look forward to continuing this constructive collaboration during their service as members of the commission."
Investment Company Institute president and chief executive officer Paul Schott Stevens also praised the new commissioners, noting that their backgrounds make them well-qualified for the commission.
"Stein's experience as legal counsel and policy adviser to Sen. Jack Reed and her background in financial policy issues make her well-prepared to be an SEC commissioner," Stevens said. "Piwowar's work as the chief economist for the Senate Banking Committee Republican staff will greatly benefit the commission, particularly in light of the importance of economic analysis in SEC rulemaking. In addition, the Capitol Hill experience of both new commissioners gives them an invaluable background for working within the agency's legislative framework. We look forward to working with them."
