Kara Stein took her oath as the newest member of the Securities and Exchange Commission Friday, bringing to a close the SEC career of Elisse Walter.
SEC chairman Mary Jo White swore Stein in for a term expiring June 5, 2017. She was previously a policy advisor to Sen. Jack Reed, D-R.I. Michael Piwowar, who was confirmed along with Stein earlier this month, will likely be sworn in next week, the SEC said. His term will expire June 5, 2018.
“It is an honor to join my fellow commissioners and the talented staff of the SEC as we carry out the vitally important mission of the SEC,” said Stein. “I am excited to join the agency that plays such a critical role in the economic well-being of our nation.”
White said she looks forward to working with Stein on issues concerning the commission.
“I am very pleased to welcome Kara Stein to the SEC and greatly appreciate her continued commitment to public service,” White said. “Kara joins an agency comprised of some of the most dedicated professionals in public service today. She will be a critical partner in our ongoing effort to protect investors and oversee the most dynamic and complex markets in the world, and I am looking forward to working with her.”
White also released a statement on the departures of Walter and Troy Paredes, whom Piwowar will replace. Walter was a driving force behind the commission’s renewed focus on the municipal market, including its comprehensive 2012 report. She served as chairman after Mary Schapiro’s resignation in December 2012 until White took the reigns in April.
“When she first arrived as a staff attorney in 1977, she thought she would just spend ‘a few years’ at the SEC,” White said. “But, she often talks about how she quickly recognized the agency’s importance to the financial system and decided to make it the heart of her career.”
“Throughout her career, she has been a forceful and articulate advocate for investors and a wealth of knowledge that we all relied upon,” White said.
White also praised Paredes for his dedication to ensuring that the commission understand how its regulations might impact the market.
“Those who worked with Troy know he always asked the probing questions to ensure we understood how our actions could impact investors, individual firms and the industry at large,” White said. “He quickly established himself as a committed proponent of rigorous analysis of the costs and benefits of our securities regulations.”
“As much as we will miss Elisse and Troy, I am very pleased to be welcoming Kara and Mike and truly appreciate their continued commitment to public service.”