{mosads}If confirmed by the Senate, Stein would replace the outgoing Elisse Walter, a Democrat who previously chaired the SEC between the exit of Mary Schapiro and the confirmation of current head Mary Jo White. Piwowar would replace Republican Troy Paredes, whose five-year term also runs out in 2013.
By pulling from the ranks of the committee that will vet them, the president does not seem to be facing an uphill climb garnering support for the two. Chairman Tim Johnson (D-S.D.) praised both of the picks Thursday, calling Stein a “smart, dedicated public servant” and citing Piwowar’s “extensive experience” with financial securities.
“I look forward to moving both their nominations forward,” he said.
Sen. Mike Crapo (R-Idaho) hit similar notes, calling both of them well-qualified for the job.
Despite Republican grumbling about the Dodd-Frank financial reform law, and the continued GOP blockade of the president’s nomination of Richard Cordray to stay on as director of the Consumer Financial Protection Bureau (CFPB), the president’s pick to lead the SEC emerged from the confirmation process unscathed.
White, a former federal prosecutor, received just one vote in opposition at the committee level — from Sen. Sherrod Brown (D-Ohio) and was unanimously confirmed by the full Senate. Brown voted against White at the committee level to protest her connections to Wall Street, saying he would prefer to see a financial regulator led by someone without ties to the industry. After serving as a prosecutor, White worked as a high-profile white collar defense attorney and included major banks and bank executives among some of her clients.