President Obama Nominates Two Senate Staff Members As SEC Commissioners

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On May 23, President Obama nominated Michael Piwowar and Kara Stein to be members of the Securities and Exchange Commission. Both nominees currently serve as staff members in the U.S. Senate. Mr. Piwowar is a chief economist for the Senate Banking Committee’s Republicans. He would replace Troy Paredes, whose term is expiring, for a full five-year term set to end on June 5, 2018. Ms. Stein is senior aide to Senator Jack Reed (D-RI) and would replace Elisse Walter, whose term has already expired, for a term that would expire on June 5, 2017.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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