For now at least, the Securities and Exchange Commission is back up to its fill compliment of commissioners. With a vote of the full Senate this week, Elad Roisman, a Republican nominated to replace Michael Piwowar, was confirmed to the Commission with bipartisan support. He was opposed by only 14 Democrats in the final vote.
In August, the Senate Banking Committee approved the nomination by a unanimous voice vote prior to confirmation by the full Senate.
In June, President Trump, hoping to avoid another agency-crippling Congressional impasse, was quick to nominate Roisman, upon news of Piwowar’s planned departure. On July 24, Roisman made his pitch for the job during a nomination hearing before the Senate Banking Committee. His term would expire on June 5, 2023.
Roisman said that joining the SEC would be a natural extension of his past experience. “My professional experience as a securities lawyer at a global law firm, a chief counsel at NYSE Euronext, counsel to an SEC commissioner, and now chief counsel on this committee, [has] afforded me a broad spectrum of experiences that would enable me to effectively serve the public and carry out the SEC’s mission should I be confirmed,” he testified.
“While serving as a chief counsel at NYSE Euronext, I saw firsthand the excitement and pride of entrepreneurs and innovators when they rung the opening bell as their companies went public, enabling them to grow their companies, invest in communities, and allow investors to share in their success,” he added. “My belief in the importance of fair markets and the role they play in our country is what motivated me to move from New York to Washington, D.C., and join the SEC [to serve as counsel to former Commissioner Daniel Gallagher].”
He pledged to “utilize my insights and experiences from the private sector and passion for the securities markets to help further the SEC’s important mission.”
To maintain the U.S. capital markets’ reputation as “the envy of the world,” the “importance of the SEC’s role in this cannot be overstated,” Roisman said. The Commission “must examine and re-examine its rules, regulations, and guidelines to ensure that they are still working as intended.”
The Senate will also soon face the task of replacing departing Commissioner Kara Stein.