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Report says Piwowar Requested Examination of Staff Powers to Initiate Investigations, Inspections

A Bloomberg report citing conversations with unnamed sources said Acting SEC Chairman Michael Piwowar has asked to examine an SEC practice that permits senior staff attorneys to begin inspections and investigations and sign off on certain financial products without the approval of a commissioner. The report stated that Piwowar recently held a meeting to announce the review and asked staff to identify their delegated authorities and which powers could be added or taken away. Piwowar had repeatedly asked former SEC Chairwoman Mary Jo White to take a similar action, Bloomberg reported.