As anticipated, Republican commissioner Michael Piwowar was designated acting chairman of the Securities and Exchange Commission by President Donald Trump on Monday.
With the departure of former SEC Chairwoman Mary Jo White on Jan. 20, the agency now has two commissioners — Piwowar and Kara Stein, a Democrat.
Piwowar's term expires in 2018, while Stein's term expires in June.
The two SEC commissioner nominees, Hester Peirce and George Washington University law professor Lisa Fairfax, were not confirmed by a voice vote by the full Senate during the lame-duck session in the last Congress.
Both Peirce and Fairfax were criticized last April by Senate Banking Committee democrats during their confirmation hearing for refusing to take a stance on whether the SEC should move ahead on a rule on the disclosure of corporate political spending.
