SEC Names Michael Piwowar Acting Chairman

The Securities and Exchange Commission has named Michael Piwowar its acting chairman, according to the agency's website. Piwowar, currently serving as a commissioner, is the only Republican. Former chairwoman Mary Jo White's resignation in December was effective January 20. The SEC has been operating with two additional vacancies. The only other commissioner at the moment is Democrat Kara Stein. The two-member SEC is able to approve enforcement actions or new rules as long as the vote of the two members is unanimous. Jay Clayton, a lawyer in private practice, was nominated by President Trump to be the next chairman in early January, but a confirmation hearing before the Senate Banking Committee has not yet been scheduled.