The chief Republican economist for the US Senate Committee on Banking, Housing and Urban Affairs was on Friday appointed a commissioner of the Securities and Exchange Commission (SEC).
Michael S. Piwowar was sworn in last week after receiving confirmation by the US Senate to a May nomination by President Barack Obama. Piwowar joins fellow nominee Kara M. Stein, who earlier in August was sworn in.
In his role with the US Senate Committee, Piwowar worked extensively on the Dodd-Frank Act and the Jumpstart Our Business Startups Act in addition to SEC-related issues overseen by the committee across market structure, investor protection and OTC derivative reforms.
As commissioner, he will contribute to key areas of SEC policy, such as self-regulatory functions of exchanges, algorithmic trading and the impact of high-frequency activity on markets.
This will be Piwowar’s second tenure at the SEC as he was a visiting academic scholar and senior financial economist in the Commision’s Office of Economic Analysis, which is now the Division of Economic and Risk Analysis.
“I am very pleased to welcome Mike back to the SEC and look forward to working with him as a fellow commissioner,” SEC commissioner Mary J. White said.
“Mike has an impressive record of public service and he will play a key role, alongside some of the most talented and dedicated professionals in government, as we work to fulfil our vital mission.”
During the financial crisis, Piwowar served a one-year term as senior economist at the President’s Council of Economic Advisers under presidents George W. Bush and Obama.