Senate Banking Committee Advances Roisman as New SEC Commish

The Senate Banking Committee on Thursday approved by voice vote the nomination of Elad Roisman, the Senate Banking Committee’s chief counsel, to serve as a commissioner at the Securities and Exchange Commission.

His nomination now moves to the full Senate.

Roisman was nominated on June 4 to replace Commissioner Michael Piwowar, a Republican, who left his post on July 7.

Senate Banking Committee Chairman Mike Crapo, R-Idaho, said in his opening remarks at the Thursday hearing that Roisman “has been a valued advisor and resource to many on the committee as its senior counsel and chief counsel, and he developed a vast knowledge of securities law in his previous roles as counsel to Commissioner Daniel Gallagher at the SEC, and as chief counsel at the NYSE Euronext.”

During his July 24 nomination hearing before the Senate Banking Committee, Roisman was questioned about the agency’s advice standards package.

(See SEC Roisman Would Keep Open Mind on Best Interest Rule)

He told lawmakers that it was “important for the agency to act” in proposing its Regulation Best Interest for brokers, and he encouraged the public to comment on the entire advice package.

“It’s important for the public to comment … Do people think that the current differentiation of standards [between brokers and advisors] is appropriate? This is one where the SEC needs to look at the comment file and meet with people and see what they got right and what could be improved. It’s a good first step, but I look forward, if confirmed, to keeping an open mind and seeing if there are any changes necessary,” he said.

The White House is considering a former enforcement lawyer to replace outgoing Democratic SEC Commissioner Kara Stein, The Wall Street Journal reported.

The White House is vetting Allison H. Lee for the role after she was recommended by Senate Minority Leader Chuck Schumer, D-N.Y.