President Obama turned to Congress, not Wall Street, when he named two new nominations for the Securities and Exchange Commission.

Late Thursday, it was announced that Kara Stein, an aide to Rhode Island Senator Jack Reed, and Michael Piwowar, chief Republican economist for the Senate Banking Committee, would get nomination nods. Stein would replace Elisse Walter as a Democratic appointee on the five-member, bipartisan commission; Piwowar would replace Republican Troy Paredes. 

Piwowar's nomination shouldn't come as much of a surprise. In March, his name first surfaced in media reports as a potential nominee, rising to the short list of potential picks for a variety of reasons. His party affiliation and role with the influential Banking Committee likely assures a smooth confirmation process, especially as that committee approves nominees prior to a full Senate confirmation vote. As an economist, and likely the only one on the Commission if confirmed, his experience would fill an expertise gap and, according to pundits, may signal that the administration is taking ongoing Republican demands for greater cost-benefit analyses more seriously.

Piwowar previously served as senior economist on the White House's Council of Economic Advisers for both Obama and President George W. Bush. U.S. Senator Mike Crapo (R-Idaho), Ranking Member of the Senate Banking, Housing and Urban Affairs Committee, praised the nomination in a statement issued Friday morning.

“Mike's in-depth expertise of capital markets and background as a chief economist make him exceptionally well-qualified for this position as the SEC moves forward on critical issues,” Crapo said, adding that Piwowar has “thoroughly demonstrated his understanding of these complex issues.”

Stein's nomination had also been the subject of speculation in recent months. While Pinowar may please Congressional Republicans, Stein is more in line with the President's base. She too has Banking Committee connections and Chairman Tim Johnson, a Democrat, has already praised the pick. In addition to serving as staff director of the Congressional Securities, Insurance, and Investment Subcommittee that Reed chaired, she helped draft the Dodd-Frank Act's slate of financial reforms.

In April, Mary Jo White, the President's pick to replace former Sec Chair Mary Schapiro, was confirmed by the Senate with strong bipartisan support.