Obama Names Replacements for SEC’s Walter, Paredes

Senate Banking Committee Chairman Tim Johnson, D-S.D., said in a statement that Stein "is a smart, dedicated public servant who has done superb work for Senator Reed on issues before the committee for over a decade. I look forward to supporting Kara's nomination, and I am confident she will make an outstanding commissioner."

Piwowar, Johnson said, "has extensive experience working on securities issues. Both of their experiences will serve them well as they work to fulfill the SEC's mission of protecting investors and ensuring a fair marketplace." Johnson said he looked forward "to moving both their nominations forward."

Sen. Mike Crapo, R-Idaho, ranking member of the Senate Banking Committee, said in a statement that Piwowar's "in-depth expertise of capital markets and background as a chief economist make him exceptionally well-qualified for this position as the SEC moves forward on critical issues."

He added that as the Republican chief economist and securities expert for the Banking Committee, and previously an economist on the Council of Economic Advisers for two presidents, Piwowar "has thoroughly demonstrated his understanding of these complex issues."

Read House Measure to Slow Fiduciary Rulemaking Poses Little Threat: Industry Officials on AdvisorOne.