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Statement on Commissioners Elisse B. Walter and Troy A. Paredes upon the completion of their terms, and their succession by Kara M. Stein and Dr. Michael S. Piwowar

Chair Mary Jo White

Aug. 9, 2013

The many contributions made by Commissioners Elisse Walter and Troy Paredes over the past five years have made the agency a stronger institution, and we owe them a deep debt of gratitude for their service.

Elisse’s dedication and commitment to this agency made her one of the most respected people to grace the halls of the institution. 

When she first arrived as a staff attorney in 1977, she thought she would just spend “a few years” at the SEC.  But, she often talks about how she quickly recognized the agency’s importance to the financial system and decided to make it the heart of her career.   Little did she know then that she would become Chairman of the Commission.   

Throughout her career, she has been a forceful and articulate advocate for investors and a wealth of knowledge that we all relied upon.  As Commissioner, Elisse oversaw a comprehensive examination of the state of the U.S. municipal securities market and authored an investigative report that called for greater transparency and more timely disclosure in this $3.7 trillion market.                               

As Chairman, she successfully led the SEC’s efforts to reconcile U.S. regulation of derivatives with regulations adopted overseas, and she pressed for a greater international outlook in our day-to-day work.  She also spearheaded efforts to increase financial market stability and was instrumental in advancing the Commission’s efforts to reform money market funds.

Troy has always been a fervent supporter of the agency’s mission. His experience as a practicing attorney, law professor and author of the leading treatise on securities law, gave him a deep expertise that he brought to bear on every issue that came before the Commission.  

Those who worked with Troy know he always asked the probing questions to ensure we understood how our actions could impact investors, individual firms and the industry at large.   He quickly established himself as a committed proponent of rigorous analysis of the costs and benefits of our securities regulations.

Troy also served as major contributor in the area of corporate governance, including executive compensation and the relationship between corporate boards and shareholders. 

As much as we will miss Elisse and Troy, I am very pleased to be welcoming Kara and Mike and truly appreciate their continued commitment to public service.

* * *

Kara M. Stein was sworn in as Commissioner earlier today.  Dr. Mike S. Piwowar will be sworn in next week. 

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