Here's a little more info:President Barack Obama nominated late Thursday a pair of Senate aides to be commissioners at the Securities and Exchange Commission.
Mr. Obama picked Kara Stein, an aide to Sen. Jack Reed (D., R.I.), and Michael Piwowar, an aide to Sen. Mike Crapo (R., Idaho), to take seats at the nation’s top securities regulator. Ms. Stein would succeed Democratic Commissioner Elisse Walter, whose term recently expired. Mr. Piwowar would take over the spot currently held by Republican Commissioner Troy Paredes, the White House said.
The nominations will be referred to the Senate Banking Committee and the two nominees will eventually face confirmation votes by the full Senate. - Wall Street Journal, 5/23/13
Senator Reed has been one of the good fuys when it comes to financial reform. He's worked closely with Senators Elizabeth Warren (D. MA), Jeff Merkley (D. OR) and Sherrod Brown (D. OR) in questioning regulators and helping draft new regulations and breaking up the banks. So I do have a sense of optimism over the thought of having Stein on the SEC commission:Stein and Piwowar, whose nominations must be confirmed by the Senate, would join a commission adjusting to new priorities under Chairman Mary Jo White, who was sworn in last month. The agency is under pressure to finish rules mandated by the 2010 Dodd-Frank law, which both Stein and Piwowar worked on as Senate staff members.
Stein was a top aide to Reed last year when he was chairman of a Senate securities and insurance subcommittee. If Piwowar is confirmed, he would be the only economist on a five-member commission that historically has been made up of lawyers.Both nominees were hailed by Senator Tim Johnson, chairman of the banking committee, and Senator Mike Crapo, the top Republican on the panel. Johnson said he would move the nominations through his committee, which will hold a hearing on them.
In a statement, Johnson said Stein worked for Reed on the committee for more than a decade. Crapo said Piwowar has “thoroughly demonstrated his understanding of these complex issues” during his time as a Senate aide and, previously, a White House economic adviser.
“Both of their experiences will serve them well as they work to fulfill the SEC’s mission of protecting investors and ensuring a fair marketplace,” said Johnson, a South Dakota Democrat. - On Wall Street, 5/24/13
If you would like to get more info about Stein, you can contact Reed's office for more details:The U.S. Court of Appeals for the District of Columbia Circuit cited inadequate economic analysis when it invalidated an SEC rule in July 2011 that sought to make it easier for shareholders to oust board members.
Barbara Roper, director of investor protection for the Consumer Federation of America, said Stein and Piwowar appear to be “a very good pairing for investors.” Roper, who has worked with Stein over the years, said Stein guided Reed's examination of high-frequency traders and other market-regulation questions.
“Given the importance of those issues, that is something she'll bring,” Roper said. “She is just really solid and an outstanding selection. It's very encouraging.” - Investment News, 5/24/13