SEC Commissioner Says Dodd-Frank Rules Not a Priority
The Securities and Exchange Commission’s sole Republican member said the SEC won’t prioritize any rules required by the Dodd-Frank financial law but could advance other measures when he likely becomes its acting chairman after President-elect Donald Trump takes office later this month, the Wall Street Journal reported today. SEC Commissioner Michael Piwowar said on Friday that he has met with fellow Commissioner Kara Stein about items that he could advance as the commission’s interim leader. Piwowar is expected to temporarily replace SEC Chairman Mary Jo White after she steps down on Jan. 20 at the end of the Obama administration. House Republicans have asked federal agencies, including the SEC, to halt rule-making activities until Trump takes office. House Financial Services Committee Chairman Jeb Hensarling (R-Texas) at a November hearing asked 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chair of an agency during an interim period, what I don’t want to do is move forward with something that is going to be repealed or changed anyway,” Piwowar said.
