WASHINGTON, DC – June 9, 2014 – The Securities Investor Protection Corporation (SIPC), which maintains a special reserve fund authorized by Congress to help investors at failed brokerage firms, today announced the withdrawal of Acting Chair (Vice Chair) Sharon Bowen from its Board of Directors. Bowen’s appointment as a commissioner at the Commodity Futures Trading Commission was confirmed by the U.S. Senate on June 3, 2014 and she is being sworn in today.
Acting Chair Bowen stated: "I have been honored to serve as Vice Chair and Acting Chair of SIPC. In overseeing the largest bankruptcies of broker-dealers in our country's history, the expertise and deep experience of the management and staff of SIPC played a critical role in protecting customer accounts and recovering funds inside and outside of the US. I've had the privilege of working with them and an accomplished and dedicated Board in fulfilling SIPC's mandate.
I am honored to serve as Commissioner of the CFTC. I look forward to further ensuring the integrity of our markets and protecting against excessive speculation and manipulation."
SIPC President Stephen Harbeck said: "Acting Chair Bowen led SIPC during a critical time over these past four years. She has done an exceptional job guiding this corporation as the nation emerged from the financial crisis. Everyone at SIPC is grateful for the support Sharon has given to the organization over the past four years. We thank her for her dedicated service during the most difficult and trying period in SIPC’s history."