WASHINGTON — The Senate Banking Committee has recommended that the full Senate confirm Elad Roisman, President Trump’s nominee for the Securities and Exchange Commission — moving him a major step closer to filling the post vacated by Michael Piwowar in July.
The committee recommended Roisman, who is its chief counsel, by voice vote on Thursday.
A Republican who previously served as counsel to former Commissioner Daniel Gallagher, Roisman has minimal formal experience in the muni market.
Gallagher, however, told The Bond Buyer that Roisman was “instrumental” in advising him on muni issues and that he expects Roisman to be a “force” on those issues as a commissioner.
The next step for Roisman is a full Senate confirmation, but it is unclear when that will happen.
Traditionally, it has been the practice in the Senate to hold off on confirming a nominee from one party for the SEC until it can confirm someone from the other party for another SEC seat at the same time in order to maintain the neutral balance of the commission.
Commissioner Kara Stein, a Democrat, is due to be replaced, but Trump has not yet nominated a Democrat to replace her.
