Mike Pieciak, financial regulation chief and key figure in Vermont’s Covid response, to resign

Mike Pieciak is stepping down.

Gov. Phil Scott introduced on Wednesday afternoon that Pieciak, commissioner of the Vermont Division of Monetary Regulation, will depart subsequent month “to pursue different alternatives.”

Pieciak joined the division in 2014, as deputy commissioner within the securities division underneath then-Gov. Peter Shumlin. He was appointed commissioner in July 2016, then reappointed in January 2017 underneath Gov. Phil Scott. 

“Mike has been a precious member of my Cupboard,” Scott stated in a press launch Wednesday. “He’s been a extremely efficient supervisor, a powerful advocate for customers and the financial revitalization of our state, and stepped as much as serve on my COVID response management workforce … I want him all the very best in his future endeavors.”

Pieciak performed a distinguished position within the governor’s common press conferences throughout the pandemic, usually showing as soon as every week. He offered figures on Covid-19 case counts, hospitalizations and different tendencies associated to the general public well being disaster. He solely not too long ago moved again to focusing totally on monetary regulation.

“It has been an honor to work alongside the proficient workforce at DFR and the Governor’s Cupboard over the previous eight years,” Pieciak stated within the launch. “I’m pleased with what we completed to make sure the truthful remedy of Vermonters of their monetary dealings, and, when needed, proper wrongs on behalf of customers.”

Whereas main the Division of Monetary Regulation, Pieciak helped the state recoup $13 million from companies and people discovered to have wronged the state, in line with the discharge. Extra not too long ago, he’s helped regulate the cryptocurrency business, main an investigation into the corporate BlockFi, which resulted in a $100 million federal settlement. 

In the course of the pandemic, Pieciak and the Division of Monetary Regulation “required well being insurers to cowl the price of testing and remedy for COVID-19 and directed premium reduction of over $25 million again to Vermonters,” in line with the discharge.  

Throughout his time within the Shumlin administration, Pieciak performed a number one position within the state’s oversight and eventual investigation of a sequence of fraudulent financial improvement initiatives at Jay Peak Resort and elsewhere within the Northeast Kingdom, funded via the federal EB-5 investor visa program.

In a current Seven Days profile, Pieciak hinted that he’d take into account a future run for elected workplace, calling it an “interesting” alternative, however stated he had no speedy plans. In 2012, he managed then-Lawyer Basic Invoice Sorrell’s profitable reelection marketing campaign. 

Pieciak didn’t instantly reply to a name for remark. 

Based on Scott’s workplace, Deputy Commissioner Kevin Gaffney will function interim commissioner of the division after Pieciak steps away on Could 16.