SEC Leadership Continues to Evolve

• Author: Robert W. Rouse
• DOI: http://doi.org/10.1002/jcaf.21914
• Date: 01 November 2013
• Published date: 01 November 2013

SEC

89

© 2013 Wiley Periodicals, Inc.

Published online in Wiley Online Library (wileyonlinelibrary.com).

DOI 10.1002/jcaf.21914

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The leadership of the Secu-

rities and Exchange Commission

(SEC/Commission) continues

to evolve. There have been three

chairmen within a span of 6

months. In November, Chair-

man Mary Shapiro announced

that she would leave the Com-

mission. Elisse Walter was

appointed chairman in Decem-

ber, and in April, Mary Jo White

was sworn in as the Commis-

sion’s 31st chairman.

STAFF TURNOVER CONTINUES

Along with these changes

have come numerous announce-

ments of individuals leaving

leadership roles among the

staff. Turnover among the staff

is quite common, as many sea-

soned staff frequently leave for

well-paying positions within the

private sector.

In the early summer, Com-

missioner Troy A. Paredes issued

the following statement:

In the last week Presi-

dent Obama nominated

Michael Piwowar and

Kara Stein to serve as

SEC commissioners.

I want to congratu-

late Mike and Kara

on their nomina-

tions. . . . Although I’m

leaving the Commis-

sion, I intend to remain

involved in the finan-

cial and corporate gov-

ernance issues of the

day, and I look forward

to new opportunities to

make a positive impact

for investors, compa-

nies, and our markets.

Dr. Michael Piwowar is the

chief economist for the U.S.

Senate Committee on Banking,

Housing, and Urban Affairs, a

position he has held since 2009.

He has also served as a senior

economist on the Council of

Economic Advisers; worked as

a principal at the Securities Liti-

gation and Consulting Group,

Inc.; and was a senior financial

economist and a visiting aca-

demic scholar at the SEC. He

received a BA from Pennsylva-

nia State University, an MBA

from Georgetown University,

and a PhD from Pennsylvania

State University.

Kara M. Stein is legal coun-

sel and senior policy adviser

to Senator Jack Reed. She has

served as staff director of the

Senate Subcommittee on Securi-

ties, Insurance, and Investment

with the Committee on Banking,

Housing, and Urban Affairs.

Ms. Stein has served in multiple

roles within Senator Reed’s

office and was a legislative assis-

tant with Senator Chris Dodd.

In the private sector, Ms. Stein

was an associate with Wilmer,

Cutler & Pickering; an assistant

professor with the University of

Dayton School of Law; an advo-

cacy fellow with the George-

town University Law Center; a

Skadden fellow; and a visiting

lecturer with the University of

Nigeria Faculty of Law. Ms.

Stein received a BA from Yale

College and a JD from Yale Law

School.

Upon confirmation by the

U.S. Senate, the two new com-

missioners will fill the positions

of Commissioners Paredes and

Walter. The SEC will then return

to its full complement of five sit-

ting commissioners.

WALTER: REFLECT

UNDERLYING ECONOMICS

During the summer, Com-

missioner Walter made the

keynote luncheon speech at the

32nd Annual SEC and Finan-

cial Reporting Conference in

Pasadena, California. The com-

missioner stressed the need for

high-quality financial reporting

and commented:

When developing

accounting standards

that will shape an

increasingly complex

SEC Leadership Continues to Evolve

Robert W. Rouse