SEC Commissioner Michael S. Piwowar submitted his resignation letter to President Donald J. Trump. Dr. Piwowar’s resignation will go into effect on July 7, 2018 (or earlier upon the swearing in of a successor).
Dr. Piwowar was appointed to the Commission by President Obama in 2013 and briefly served as Acting SEC Chair under President Trump. Before that, he served as the Republican chief economist for the U.S. Senate Committee on Banking, Housing and Urban Affairs under Senators Mike Crapo (R-ID) and Richard Shelby (R-AL). He also served in the White House as a senior economist at the President’s Council of Economic Advisers from 2008 to 2009 under both President Bush and President Obama.
Prior to joining the White House, Dr. Piwowar worked as a Principal at the Securities Litigation and Consulting Group, and at the SEC Division of Economic and Risk Analysis (previously, the Office of Economic Analysis) as a visiting academic scholar and senior financial economist.
Lofchie Comment: Commissioner Piwowar’s departure is a significant loss to the Commission. He brought to the SEC the perspective of an economist. As such, he consistently championed the relationship between a strong securities market, sensible financial regulation and economic growth.