Michael Piwowar has officially joined the Securities and Exchange Commission after taking the oath as its newest commissioner Thursday.
Piwowar, a former Republican aide to the Senate Banking Committee, replaces Troy Paredes, who stepped down from the commission earlier this month, and will serve a term that expires June 5, 2018.
Piwowar had one previous stint at the SEC, where he was a visiting academic scholar and senior financial economist in the commission's Office of Economic Analysis, now the Division of Economic and Risk Analysis.
"I am extremely excited to return to the SEC, where I first learned the value of public service," said Piwowar. "I look forward to working with my fellow commissioners and the SEC's outstanding staff to advance the important mission of the agency — to protect investors, maintain fair, orderly, and efficient markets, and promote capital formation."
President Obama nominated Piwowar along with Kara Stein, who joined the commission last week and replaced Elisse Walter. "I am very pleased to welcome Mike back to the SEC and look forward to working with him as a fellow commissioner," said SEC chair Mary Jo White. "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 fulfill our vital mission."
The commission currently has several measures on its plate that are being closely monitored by the municipal market, particularly the municipal advisor definition expected to come out this year.
