Poliquin to head Securities Investor Protection Corp.
Courtesy / Bruce Poliquin
Former Maine Republican Congressman Bruce Poliquin has been tapped to chair the Securities Investor Protection Corp. in Washington, D.C.
Former Maine Republican Congressman Bruce Poliquin said Friday he has accepted an offer from President Donald Trump to serve as chairman of the Securities Investor Protection Corp., which insures consumers against stock brokerage failures.
"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," Poliquin said on his Facebook page.
If confirmed by the Senate, Poliquin will serve the remainder of a three-year volunteer term expiring Dec. 31, 2021. The SIPC is governed by a seven-member board, some of whom are appointed by the president. Although established by Congress in 1970 and overseen by the U.S. Securities and Exchange Commission, the nonprofit corporation is not a federal agency.
The SIPC works to restore investors cash and assets during the liquidation of a failed brokerage, and provides up to $500,000 in insurance coverage if an investment is lost. From 2015-18, the SIPC recovered $5.8 billion for small investors.
U.S. Sen. Susan Collins, R-Maine, said in a prepared statement: “Congratulations to Bruce Poliquin on this impressive nomination. As a member of Congress, Bruce fought hard to protect the savings of hardworking Americans. I know Bruce will bring that same tenacity — along with his years of experience in business — to this new role.”
Poliquin, 65, served two terms as U.S. representative for the state's 2nd District before being replaced by U.S. Rep. Jared Golden, D-Maine, earlier this year. Poliquin also served as Maine treasurer from 2011-13 under then-Gov. Paul LePage.
Poliquin was born and raised in Waterville, and earned an economics degree from Harvard University. Before entering politics, he worked in the investment management field in Chicago and New York City. In 2016, Poliquin was ranked as the 31st-wealthiest member of the U.S. House, with an estimated net worth of $12 million.
He lived in Cumberland and Georgetown, but later moved to Oakland and established residency in the 2nd District before his first Congressional race. Although the SIPC is headquartered in Washington, D.C., Poliquin said he will remain in Maine to help care for his aging parents.
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