Statement of Commissioner Michael S. Piwowar

U.S. Securities and Exchange Commission speaks at the Milken Institute 21st Global Conference in Beverly Hills California

U.S. Securities and Exchange Commission speaks at the Milken Institute 21st Global Conference in Beverly Hills California

Securities and Exchange Commission (SEC) commissioner Michael Piwowar said he will step down on July 7, according to a statement from the commission.

Piwowar's term is set to expire on June 5, but commissioners can stay on for 18 months after their term expires.

Piwowar and Stein are set to leave as the agency takes comments on its recently released standard of conduct proposals for brokers and advisors.

Piwowar, a Republican, has been an outspoken critic of the Department of Labor's fiduciary rule.

It's unclear how long the commission may have a four-member commission.

Democratic SEC Commissioner Kara Stein remains in office, even though her term ended a year ago.

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Piwowar served as acting SEC chairman from Trump's inauguration through Clayton's swearing-in last May.

The commission's rule proposal governing broker-dealer conduct is now circulating for public comment and will return to the commission after Piwowar's departure.

Piwowar's departure could hinder the SEC's efforts under Chairman Jay Clayton (R) to loosen rules on financial advisers and companies seeking to go to public.

His previous jobs included Republican chief economist on the Senate Banking Committee and assistant professor of finance at Iowa State University before he became a commissioner in August 2013. In it, he expressed gratitude for having been appointed acting SEC chairman at the beginning of Trump's administration, noting that "we accomplished a great deal for the "forgotten investor" in a short period of time".

Piwowar's retirement is just the latest staffing setback for the SEC.

Yet Piwowar said that he "overwhelmingly" supported putting the proposals out for public comment.

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