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January 31, 2017

News brief: Trump appoints acting chairman at SEC as directors also resign

By Stephanie Wix

The SEC has announced that OCIE director Marc Wyatt and Wenchi Hu, the associate director in the Division of Trading and Markets will leave the agency.

It comes after Michael S. Piwowar was designated acting chairman of the SEC by President Donald Trump on 23 January 2017.

Ex-chairman Mary Jo White gave her resignation in November, announcing her plans to step down before President Donald Trump took office, yet her term hadn’t been scheduled to expire until June 2019. She did not give a reason for her resignation, but stated that it was “critical that the SEC remain truly independent”. White’s exit has meant that only two of the SEC's five commissioner seats are filled.

White’s replacement, Piwowar, was first appointed to the Commission by President Barack Obama on 15 August, 2013 and worked on a number of important SEC-related oversight issues under the jurisdiction of the Committee.

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