Commissioner Michael Piwowar plans to leave his post at the Securities and Exchange by July 7 at the latest.

On May 7, he delivered a letter to President Trump informing him that he intends to resign this summer, or upon the swearing in of his successor.

“Over the next two months, I will continue to work steadfastly with my fellow commissioners and SEC staff to advance our important mission of protecting investors, maintaining fair, orderly, and efficient markets, and promoting capital formation,” Piwowar said in a statement.

Piwowar, confirmed by the Senate in August 2013, was previously the chief Republican economist for the Senate Banking Committee.

“It has been an honor to serve the American people at such a respected agency and work with such dedicated and talented staff,” Piwowar wrote in his letter to Trump. “I began my career in public service at the SEC 16 years ago as a visiting academic scholar and later as a senior financial economist. It was privilege to return to the SEC as a commissioner.”

“I am especially grateful to you for the trust you placed in me to serve as acting chairman at the beginning of your administration,” he added. “We accomplished a great deal for the ‘forgotten investor’ in a short period of time.”

Piwowar’s future plans have yet to be publicly announced.

Topics