Vermont’s former chief monetary companies regulator, Mike Pieciak, introduced final Friday that he’s operating to be state treasurer.
Pieciak made the announcement in Montpelier simply days after stepping down from his put up as commissioner of the Division of Monetary Regulation and proper after Beth Pearce, the state’s present treasurer, introduced she wouldn’t run for re-election for well being causes.
Pieciak, a Democrat, joined DFR in 2014 as deputy commissioner of the Securities Division, appointed by Gov. Peter Shumlin, a Republican. He was appointed to lead the buyer watchdog company by Gov. Phil Scott, a Democrat, in January 2017.
Along with his duties at DFR, Pieciak, a lawyer, served as president of the North American Securities Directors Affiliation and on the Securities and Alternate Fee Small Enterprise Capital Formation Advisory Committee in Washington, D.C.
Pearce, who has served as state treasurer since 2011, endorsed Pieciak to succeed her. She stated she inspired Pieciak to run for this place “as a result of Vermonters know and belief him” and he has the “proper expertise and background.”
In asserting that Pieciak would be leaving DFR, Gov. Scott praised Pieciak as an advocate for customers who additionally labored to strengthen the state’s monetary companies business. Throughout his tenure, DFR recouped $13 million for Vermonters and expanded the division’s supervision of on-line securities buying and selling and cryptocurrency platforms. Earlier this 12 months, a DFR probe of the digital-asset firm BlockFi led to a multi-state $100 million settlement.
Pieciak and DFR headed the state’s COVID-19 modeling and he appeared usually at COVID press briefings. DFR required well being insurers to cowl the price of testing and therapy for COVID-19 and directed premium aid of $25 million again to Vermonters.
In 2019, DFR explicitly prohibited insurers from utilizing age to disclaim gender-affirming care to Vermont youth. Pieciak additionally instituted a sequence of initiatives to deal with senior monetary abuse.
The state’s major election is August 9, adopted by the overall election on November 8.
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