SEC Leadership Continues to Evolve

AuthorRobert W. Rouse
Date01 November 2013
Published date01 November 2013
© 2013 Wiley Periodicals, Inc.
Published online in Wiley Online Library (
DOI 10.1002/jcaf.21914
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.
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
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.
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

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