Regulation and Compliance Federal Regulation SEC

Biden Names Lee Acting SEC Chair

News January 21, 2021 at 02:45 PM
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photo of SEC's Allison Herren Lee Allison Herren Lee

President Joe Biden on Thursday named Allison Herren Lee, a Democrat, as acting chair of the Securities and Exchange Commission.

She replaces Elad Roisman, a Republican, who was appointed acting chair by former President Donald Trump after former SEC Chairman Jay Clayton's departure in late December.

Lee will serve as acting chair until Biden's pick to head the SEC, Gary Gensler, is officially confirmed by the Senate.

"It's an honor to continue my service on the Commission in this new role," Lee said in a statement. "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's work of protecting investors and ensuring market integrity."

"During my time as Commissioner, I have focused on climate and sustainability, and those issues will continue to be a priority for me," Lee added.

Career Details

Lee was sworn in as Commissioner on July 8, 2019.

She has written, lectured and taught courses internationally on financial regulation and corporate law.

In addition, Lee served on the staff of the SEC for over a decade in various roles, including as counsel to Commissioner Kara Stein and as Senior Counsel in the Division of Enforcement's Complex Financial Instruments Unit.

She also has served as a Special Assistant U.S. Attorney, was a member of the American Bar Association's former Committee on Public Company Disclosure, and participated on a USAID project in Armenia, assisting in the drafting of periodic reporting and disclosure provisions for a comprehensive law of the Republic of Armenia on Securities Market Regulation.

Prior to government service, Lee was a partner at the Denver law firm of Sherman & Howard LLC, focusing on securities, antitrust and commercial litigation.

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