Republican SEC commissioner Michael Piwowar to retire by July

Securities and Exchange Commission Commissioner Michael Piwowar, a Republican, announced Monday that he will retire from his position by July.

“It has been an honor to serve the American people at such a respected agency and work with such dedicated and talented staff,” Piwowar wrote in a letter to President Trump.

Piwowar’s term as commissioner ends June 5, and he plans to retire as soon as a successor if sworn in, but no later than July 7. If there is no one to serve in Piwowar’s stead after he leaves, there is a potential for a deadlock in the agency with leadership split down the aisle 2-2.

“I am grateful to former President Barack Obama, Senate Majority Leader Mitch McConnell, Senator Richard Shelby, and Senator Mike Crapo for the opportunity to serve in this role,” Piwowar wrote. “We accomplished a great deal for the “forgotten investor” in a short period of time."

Piwowar was the longest serving Republican in the SEC.

https:// www.washingtonexaminer.com/news/republican-sec-commissioner-michael-piwowar-to-retire-by-july