SEC Commissioner Piwowar Says Dodd-Frank Regulations Not a Priority

After U.S. Securities and Exchange Commission (SEC) Chair Mary Jo White steps down on January 20th, Republican Commissioner Michael Piwowar is expected to become temporary Chair. In a recent statement, Piwowar stated that Dodd-Frank rulemaking will not be prioritized by the SEC during the interim period, but they could advance other measures when he likely becomes the acting Chairman, according to a recent Wall Street Journal article.

Piwowar and fellow Commissioner Kara Stein have agreed on the need to modernize the format of corporate disclosures that are provided to investors, the Wall Street Journal explains, as well as the need to shorten the settlement cycle for stocks to two days from three.

House Financial Services Committee Chairman Jeb Hensarling (R-TX) had previously asked Ms. White to not act on new rules, including those that are Dodd-Frank related.

"As someone who is highly likely to be chair of an agency during an interim period, what I don't want to do is move forward with something that is going to be repealed or changed anyway," Mr. Piwowar stated. "We have scarce resources that can be put to better use."

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