Michael Piwowar, a Republican member of the Securities and Exchange Commission, is stepping down in July, The Wall Street Journal is reporting.
His decision to leave after serving nearly five years would leave the agency with four commissioners and mean some votes could be deadlocked temporarily if the two Democrats on the SEC vote together, the newspaper said.
Piwowar had served as acting chairman for the five months following President Donald’s Trump election. During that time, he had ordered work halted on regulatory plans required by the Dodd-Frank Act.
And as a commissioner, he used procedural moves to block some votes on Dodd-Frank rules when the Obama administration was coming to an end.
"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 Trump on Monday. "We accomplished a great deal for the ‘forgotten investor’ in a short period of time."
According to the Washington Examiner, Piwowar is the longest serving Republican on the SEC.
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