Steven Wallman was Commissioner of the U.S. Securities and Exchange Commission (SEC) from 1994 to 1997, for which he was appointed by Bill Clinton. He founded FOLIOfn, headquartered in the Tysons Corner, Virginia suburbs of Washington DC in 1998.
In his time with the SEC, he fought for the "decimalization" (i.e. $10.25) of stock prices on the New York Stock Exchange, NASDAQ, and AMEX. Previously, stocks traded in fractions (i.e. $10¼). After much testing and various pilot programs, the first day of decimalized stock prices took place on March 26, 2001.
In late September 2008, Wallman published a commentary in the San Francisco Chronicle to help solve the credit crisis without a bailout by using taxpayer-provided funds to make money available to homeowners who live in their homes (and not speculators) to stabilize housing.
Wallman's plan is to provide financial institutions a government guarantee in lieu of any penalties or foreclosure to homeowners that have a mortgage in distress the current or missed payments under the mortgage. When a borrower agrees to have the government take over the mortgage payments, the mortgage company notify the government, then the government to make the payments, and the borrower would sign a note agreeing to repay the government with interest at the same rate currently required under the borrower's mortgage.
Also in late September 2008, FOLIOfn released a media advisory that Wallman is available to comment on the proposed Proposed bailout of United States financial system.