Tuesday, June 19, 2018

Senate Democrats call for investigation of SEC's Piwowar

Commissioner Michael Piwowar is under fire for speculation that he abused his position by trying to influence Citigroup's business dealings.

Six Democrat senators asked the SEC's inspector general Wednesday to investigate whether outgoing Commissioner Michael Piwowar might have abused his position "in an attempt to unduly influence Citigroup" over its decision to limit business with gun firms.

In the letter to Carl Hoecker, inspector general of the Securities and Exchange Commission, the senators questioned reports that, during an April 24 meeting with Citigroup Inc. officials to discuss derivatives rulemaking being considered at the SEC, Mr. Piwowar tried to get the officials to reverse their gun policy because it "conflicts with his personal and political views."Mr. Piwowar is one of three Republicans on the commission, including Chairman Jay Clayton. He is leaving July 7.
Democratic senators are questioning Piwowar's attempts to have Citigroup's officials reverse their policies regarding businesses with gun firms. The senators stand firm that individual personal and political views should not affect the SEC.

Read more here from Investment News.

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