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SEC swears in new Democratic commissioner Kara Stein

By Sarah N. Lynch

WASHINGTON (Reuters) - The Securities and Exchange Commission on Friday swore in Kara Stein, a former U.S. Senate staffer, to serve as the agency's new Democratic commissioner, the SEC announced.

Stein will replace SEC Commissioner Elisse Walter, who has served at the agency since 2008. The SEC said Stein was sworn into office by SEC Chair Mary Jo White.

"I am excited to join the agency that plays such a critical role in the economic well-being of our nation," Stein said in a statement.

Stein most recently worked as a senior policy advisor to Rhode Island Senate Democrat Jack Reed, a senior member of the Senate Banking Committee.

In that role, Stein helped work on legislative language for the 2010 Dodd-Frank Wall Street reform law.

Prior to working on Capitol Hill, she was an associate at the law firm Wilmer, Cutler & Pickering.

The SEC said it expects to swear in its new Republican commissioner, Michael Piwowar, sometime next week.

Piwowar will be replacing Republican Troy Paredes, who departed the SEC earlier this month.

Piwowar most recently worked under Senate Banking Ranking Member Mike Crapo as chief economist.

Both Stein and Piwowar were confirmed by the U.S. Senate on August 1.

(Reporting by Sarah N. Lynch; Editing by Carol Bishopric)