The Wall Street Journal: SEC returns to full strength, as fifth member is confirmed

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WASHINGTON — The Senate confirmed Elad Roisman to join the Securities and Exchange Commission, giving the regulator a fifth and final member as it prepares to impose restrictions on stockbroker advice while loosening the reins on some public companies.

Roisman, 37, will join the SEC after working for several years on the Senate Banking Committee, where he was the panel’s chief counsel. The Senate approved him 85-14.

The Republican will succeed Michael Piwowar, who stepped down in July and joined the Milken Institute on Wednesday as executive director of its center for financial markets.

The SEC is a 4,600-person agency largely run by its chairman, Jay Clayton, a political independent appointed by President Donald Trump. The agency’s four commissioners must vote to approve any new regulations as well as litigation or settlements that arise from enforcement investigations. Commissioners don’t manage the SEC’s staff, but can influence the federal agency’s agenda by negotiating with the chairman over regulations or the terms of enforcement cases.

An expanded version of this report appears on WSJ.com.

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