In August 2013, Kara Stein and Michael Piwowar were sworn into office as SEC Commissioners. Ms. Stein and Mr. Piwowar replaced former Commissioners Elisse Walter and Troy Paredes both of whom stepped down in August. There is a built-in expectation that the new commissioners’ arrival would help the SEC expedite the approval of a number of delayed rules, including unfinalized rule-making under the Dodd-Frank Act and the JOBS Act. Prior experience of both commissioners has prepared them well for this task.
From 2009 to 2013, Ms. Stein was Staff Director of the Senate Banking, Housing, and Urban Affairs Committee’s Subcommittee on Securities, Insurance, and Investment. Ms. Stein was Legal Counsel and Senior Policy Advisor to Sen. Reed from 2007 to 2009 and served as both the Majority and Minority Staff Director on the Banking Committee’s Subcommittee on Housing and Transportation from 2001 to 2006. Before working on Capitol Hill, Ms. Stein was an associate at the law firm of Wilmer, Cutler & Pickering and an assistant professor with the University of Dayton School of Law. Ms. Stein received her B.A. from Yale College and J.D. from Yale Law School.
Dr. Piwowar was the chief Republican economist for the U.S. Senate Committee on Banking, Housing, and Urban Affairs. He worked on the Dodd-Frank Wall Act, the JOBS Act, and on SEC-related issues overseen by the committee. During the financial crisis, Dr. Piwowar served a one-year term as a senior economist at the President’s Council of Economic Advisers under Presidents George W. Bush and Barack Obama and was a staff economist for the Financial Regulatory Reform Working Group of the President’s Economic Advisory Board. Dr. Piwowar used to work at the SEC as a visiting academic scholar and senior financial economist in its Office of Economic Analysis, now the Division of Economic and Risk Analysis. Dr. Piwowar received a B.A. in Foreign Service and International Politics from Pennsylvania State University, an M.B.A. from Georgetown University, and a Ph.D. in Finance from Pennsylvania State University.