President Joe Biden on Thursday named Allison Herren Lee acting chairman of the Securities and Exchange Commission (SEC), the agency announced.<\/p>\n
Lee was nominated and confirmed to the SEC in 2019 to fill the open Democratic spot on the commission once held by Kara Stein. She succeeds former chairman Elad Roisman, who was appointed to lead the investment regulator while the agency was heading for transition after Jay Clayton stepped down.<\/p>\n
Both Roisman and Lee were nominated by Trump to the US top wathcdog, which is legally barred from having any more than three members from either political party.<\/p>\n
\u201cIt\u2019s an honor to continue my service on the Commission in this new role. I have tremendous respect for my colleagues on the Commission and the exceptional staff across the agency, and look forward to working closely with them. Together we will continue the agency\u2019s work of protecting investors and ensuring market integrity,\u201d acting chair Lee said.<\/p>\n
Lee specializes in securities law, writing and lecturing around the world about corporate law and financial regulation. She has originally joined the SEC in 2005 and there served in various roles for 13 years, mostly as an attorney with the agency\u2019s enforcement arm.<\/p>\n
Lee was also named counsel to former SEC commissioner Kara Stein, and then as a senior counsel in the Division of Enforcement\u2019s Complex Financial Instruments Unit.<\/p>\n
Her long stint with the government service followed seven years in private practice focusing on antitrust, securities and commercial litigation.<\/p>\n
\u201cDuring my time as Commissioner, I have focused on climate and sustainability, and those issues will continue to be a priority for me,\u201d Lee added.<\/p>\n
Lee\u2019s nomination comes as a surprise as many reports suggested Gary Gensler, the former Chief of Commodity Futures Trading Commission, was Biden\u2019s likely pick to lead the SEC.<\/p>\n
Names floated to replace the former SEC\u2019s Head,\u00a0Jay Clayton, also included Preet Bharara, Manhattan\u2019s former top federal prosecutor under Obama\u2019s administration whom Trump fired in 2017.<\/p>\n