Two U.S. Senate aides have been nominated to serve as commissioners of the Securities and Exchange Commission.
President Barack Obama tapped Democrat Kara Stein, legal counsel and senior policy advisor to Senator Jack Reed (D - R.I.) and Republican Michael Piwowar, who is the chief economist for the Committee on Banking, Housing and Urban Affairs.
Stein has worked on Capitol Hill in various jobs since 1997, but spent a year as an associate at Wilmer Cutler Pickering Hale and Dorr. If she's confirmed, that means Wilmer alums will occupy two out of five SEC commissioner seats. (Commissioner Daniel Gallagher is a former partner at the firm.)
Prior to joining Wilmer in 1996, Stein was an assistant professor with the University of Dayton School of Law from 1995 to 1996 and an advocacy fellow with the Georgetown University Law Center from 1993 to 1995. She earned her JD from Yale Law School.
She’ll replace Elisse Walter, whose term expired in June 2012. Walter is allowed to continue serving until a successor is confirmed.
Piwowar will fill the slot of former law school professor Troy Parades, whose term expires on June 5. A Ph.D economist, Piwowar, if confirmed, will be the only non-lawyer among the current agency commissioners.
Piwowar has been the Senate banking committee’s chief economist since 2009. Previously, he spent four years working at the SEC, first as a visiting academic scholar from 2002 to 2004, and then as a senior financial economist from 2004 to 2006.