Economy

Piwowar to resign from SEC

SEC Commissioner Michael Piwowar plans to step down from his post on July 7, after serving almost five years on the five-person commission, according to a statement posted on the SEC website.

Piwowar, a long-time harsh critic of the Labor Department's fiduciary rule (which he has referred to as the "terrible, horrible, no good, very bad" rule), was only somewhat less critical of the SEC's recent proposal, expressing "misgivings about certain aspects of the almost 1,000 page tome", not only regarding its length, but also that the Flesch-Kincaid readability calculator indicated "they are about as comprehensible to the average reader as Herman Melville's Moby Dick", going on to note that that made sense, "considering that the SEC staff who drafted them are securities lawyers and PhD economists".

The SEC is now taking comments on that proposal. His five-year term expires on June 5, but SEC commissioners are allowed to extend their tenures for up to 18 months if the Senate hasn't confirmed their successor. It was privilege to return to the SEC in August 2013 as a commissioner. During that time, he sought to repeal a rule that requires companies to report the pay difference between the chief executive and the average employee.

As a commissioner, Piwower used procedural tactics to block some votes on Dodd-Frank rules toward the end of the Obama administration, when due to other resignations, the agency has only three members, the Journal reported.

"We accomplished a great deal for the "forgotten investor" in a short period of time", Piwowar wrote in his letter to Trump informing him of his plans to leave the SEC.

Senate Democrats called for an investigation into Piwowar's use of the acting chairmanship to target Dodd-Frank, arguing he could have violated federal policies and wasted agency resources. The agency lacked a full roster of five commissioners from 2013 until Peirce and Jackson were sworn in in January. Trump has not yet nominated a full-time director for the Consumer Financial Protection Bureau, vice chairman of the Federal Deposit Insurance Corporation or president of the Export-Import Bank.



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