President Trump to Nominate Former Maine Congressman Bruce Poliquin to Serve as Chair of National SIPC
President Donald J. Trump has nominated former Maine Congressman Bruce Poliquin as Chairman of the Board of the Securities Investor Protection Corporation (SIPC).
SIPC operates similarly to the FDIC many consumers recognize from their local bank. Just as the Federal Deposit Insurance Corporation protects checking and savings accounts at banks for working families, SIPC protects retirees, widows, single moms and other small investors from losing their life savings in the event of a brokerage investment firm’s failure.
In accepting the nomination to serve as Chair, Bruce Poliquin said, “I’m honored the President has nominated me to Chair this important national organization. I look forward to using my experience to help protect the savings and investments of Americans.”
SIPC is a private nonprofit corporation created by Congress in 1970 with the help of legislation advanced by another notable Maine public servant, the late Senator Edmund Muskie. SIPC is located in Washington, DC, and employs a professional staff. During the past four years, 2015-18, SIPC recovered $5.8 billion for small investors resulting from failed investment brokerage firms. Former Congressman Poliquin will help oversee the $3.2 billion SIPC insurance fund.
The SIPC Board Chair serves as a volunteer. Former Congressman Poliquin will continue to live in Maine and help care for his aging parents. The U.S. Senate must confirm the SIPC board member nominees before they are seated.
Rep. Poliquin was a guest on
WLOB Radio on Monday 09/22/19.
Listen to his interview with Ray Richardson
about his new position, his future plans
and the Congressional District 2 Race.
