Statement of Commissioner Michael S. Piwowar

Today, I sent a letter to President Trump informing him that I intend to resign my position on the earlier of July 7, 2018 or the swearing in of my successor. The text of the letter is below.

Over the next two months, I will continue to work steadfastly with my fellow commissioners and SEC staff to advance our important mission of protecting investors, maintaining fair, orderly, and efficient markets, and promoting capital formation.

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May 7, 2018

The Honorable Donald J. Trump
President of the United States of America
The White House
Washington, DC 20500

Dear Mr. President:

As you are aware, my term as a commissioner at the Securities and Exchange Commission officially ends on June 5, 2018. I write to inform you that I intend to resign my position on the earlier of July 7, 2018 or the swearing in of my successor.

It has been an honor to serve the American people at such a respected agency and work with such dedicated and talented staff. I began my career in public service at the SEC 16 years ago as a visiting academic scholar and later as a senior financial economist. It was privilege to return to the SEC in August 2013 as a commissioner. I am grateful to former President Barack Obama, Senate Majority Leader Mitch McConnell, Senator Richard Shelby, and Senator Mike Crapo for the opportunity to serve in this role.

I am especially grateful to you for the trust you placed in me to serve as acting chairman at the beginning of your Administration. We accomplished a great deal for the “forgotten investor” in a short period of time.

Sincerely,