SIPC Thanks Outgoing Board Chair Bowen For Her Dedicated Service

WASHINGTON , June 9, 2014 /PRNewswire-USNewswire/ -- 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."   

ABOUT SIPC

The Securities Investor Protection Corporation (http://www.sipc.org) is the U.S. investor's first line of defense in the event of the failure of a brokerage firm owing customers cash and securities that are missing from customer accounts. SIPC either acts as trustee or works with an independent court-appointed trustee in a brokerage insolvency case to recover funds.

The statute that created SIPC provides that customers of a failed brokerage firm receive all non-negotiable securities - such as stocks or bonds -- that are already registered in their names or in the process of being registered. At the same time, funds from the SIPC reserve are available to satisfy the remaining claims for customer cash and/or securities held in custody with the broker for up to a maximum of $500,000 per customer. This figure includes a maximum of $250,000 on claims for cash. From the time Congress created it in 1970 through December 2013, SIPC has advanced $2.1 billion in order to make possible the recovery of $133 billion in assets for an estimated 772,000 investors.

MEDIA CONTACT: Ailis Aaron Wolf, (703) 276-3265 or [email protected].

All non-media/investor inquiries of SIPC should be directed to [email protected] or (202) 371-8300.

SOURCE Securities Investor Protection Trust, Washington, D.C.