Bloomberg is reporting that two nominees to the Securities and Exchange Commission are both vowing to swiftly conclude pending rule-makings under Dodd-Frank and the 2012 JOBS Act.
Kara M. Stein, a Democrat, and Michael Piwowar, a Republican, told the Senate Banking Committee the SEC must complete the required rulemaking, notwithstanding other priorities.
"We need to pursue all of those things at one time," said Stein, a former policy aide to Senator Jack Reed of Rhode Island.
Stein and Piwowar would join the SEC as it adapts to a new agenda under Chairman Mary Jo White, who says the agency's rulemaking priorities are prescribed by the Dodd-Frank Act of 2010 and the Jumpstart Our Business Startups Act of 2012.
Regulations under the JOBS Act would allow allow equity crowdfunding and advertising for investors by hedge funds. The absence of regulations due to SEC inaction to date has effectively stalled implementation of the law.