D.C. – Former Maine Congressman Bruce Poliquin has been nominated to serve as
Chairman of the Board of the Securities Investor Protection Corporation (SIPC)
the White House announced Friday.
The SIPC is
tasked with protecting retirees, widows, single
moms and other small investors from losing their life savings in the event of a
brokerage investment firm’s failure. It is similar in function to the
FDIC, which protects checking and savings accounts.
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,” said Poliquin in accepting the nomination.
The role is
a good fit for Poliquin, who spent much of his private sector career
successfully managing worker pension funds.
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.
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.
announced in early August that he would not run for Maine’s Second
Congressional District seat. He cited a need to care for his aging parents.
the 2018 November elections, Poliquin won the most votes in his bid for
re-election to his Congressional seat, only to see his election night victory
overturned by ranked-choice voting in the weeks that followed.
Poliquin also served as Maine State Treasurer during the first two years of the LePage administration.
Poliquin’s nomination must be confirmed by the U.S. Senate.