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.
Register or login for access to this item and much more
All Financial Planning content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access