President Obama’s nomination of a top adviser to Idaho Republican Sen. Mike Crapo to serve as one of five commissioners of the U.S. Securities and Exchange Commission was approved by the Senate late Thursday.
Michael Piwowar served as the Republican chief economist on the Senate Banking Committee, where Crapo has been the top Republican, or “ranking member,” since January. Piwowar was confirmed on a voice vote, along with Kara Stein, an aide to Sen. Jack Reid, D-R.I., the No. 2 Democrat on the Banking Committee.
Crapo introduced Piwowar at his June 27 confirmation hearing in the Banking Committee as a battle-scarred veteran of key securities legislation and praised his academic credentials and work experience.
Crapo said Piwowar “recognizes the significant and important effect that securities legislation and regulation have to protect the individual investor as well as to bring about fair, efficient and orderly markets for market participants and investors.”
Piwowar was a senior economist for the President’s Council of Economic Advisers under both Presidents George W. Bush and Obama.
The text of Crapo’s introduction follows:
“I am pleased to introduce Dr. Piwowar for consideration by this Committee as a Commissioner for the Securities and Exchange Commission.
“I also would like to acknowledge and welcome Dr. Piwowar’s family, several of whom join us in the audience today. I am sure you are quite proud of him and his many accomplishments.
“Dr. Piwowar’s experience and expertise will be a real asset to the SEC.
“Not only has he served as my and Senator Shelby’s Chief Economist on the Senate Banking Committee but also worked in the SEC’s Office of Economic Analysis as well as served on the Council of Economic Advisers for two Presidents.
“With a PhD in Finance, he appreciates the value that economic analysis plays in the SEC rulemaking, examination and enforcement processes. Dr. Piwowar will bring that appreciation to bear as the SEC moves forward with its demanding regulatory agenda.
“Dr. Piwowar also recognizes the significant and important effect that securities legislation and regulation have to protect the individual investor as well as to bring about fair, efficient and orderly markets for market participants and investors.
“Both he and fellow nominee, Kara Stein, have faced the rigors of legislating the Dodd-Frank Act, the JOBS Act and a number of other securities related matters during their time on the Banking Committee.
“This ‘battle-scar’ expertise will serve them both well at the SEC.
“As a Commissioner, he will make informed decisions and be able to fully appreciate and understand the consequences of the agency’s actions.
“I congratulate Dr. Piwowar on his nomination to be an SEC Commissioner and I congratulate Ms. Stein as well.
“I am very happy that his family is here to witness this very important event.
“Thank you, Mr. Chairman.”