WASHINGTON – The SEC's regulatory and enforcement workload may be slowed or stalled now that it is down to only two commissioners, one Democrat and one Republican, observers say.

The commission, which had been operating with only three of five commissioners for nearly a year, lost Mary Jo White, its chairwoman, when President Obama's term ended on Jan. 20. White's voluntary departure leaves the SEC in the hands of Commissioner Michael Piwowar, a Republican who was named acting chair on Jan. 23, and Commissioner Kara Stein, a Democrat. Federal rules set the quorum for the SEC at three commissioners, but allow for it to be less if there are less than three. That means that Piwowar and Stein could adopt rules and take enforcement actions — if they can agree.

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