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Regulation and Compliance > Federal Regulation > SEC

SEC Commissioner Roisman to Depart

By Bernice Napach By Jeff Berman

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Securities and Exchange Commissioner Elad Roisman, one of two Republican commissioners, is resigning — a move that will expand the Democrats’ majority at the agency.

Roisman said in a brief statement early Monday that he sent a letter to President Joe Biden, informing him of his intention to leave the agency by the end of January 2022.

Meanwhile, he explained that he is “committed to working with my fellow commissioners and the SEC’s incredible staff to further our mission of protecting investors, maintaining fair, orderly, and efficient markets, and facilitating capital formation.”

Rosiman did not provide a reason for his departure and did he say what his next career move would be. The SEC did not immediately respond to a request for comment.

Following Roisman’s announcement, Gensler thanked Roisman for his service and noted in a statement: “While we didn’t always agree on policy matters, I’ve come to rely on his judgment and expertise, and I have enjoyed a positive working relationship with him.”

Roisman was appointed to the SEC by former President Donald Trump and joined the agency in September 2018, following positions as chief counsel on the U.S. Senate Committee on Banking, Housing, and Urban Affairs; counsel to SEC Commissioner Dan Gallagher; chief counsel at NYSE Euronext; and associate at the legal firm Milbank, Tweed, Hadley & McCloy LLP in New York.

He served briefly as acting chairman of the SEC after former Chairman Jay Clayton left the agency in late December 2020 and before Biden took office and appointed his own interim chairperson, pending the confirmation of current Chairman Gary Gensler, a Democrat.

Roisman’s departure will leave Hester M. Peirce, who was also appointed by Trump, as the sole Republican among the SEC’s commissioners. She was sworn in on Jan. 11, 2018.

In addition to Gensler, the SEC now has two Democratic commissioners: Allison Herren Lee — who was appointed by Trump to fill a Democratic vacancy, unanimously confirmed by the Senate and sworn into office on July 8, 2019 — and Caroline A. Crenshaw, who was unanimously confirmed by the Senate, and sworn into office on Aug. 17, 2020.

In June, Peirce and Roisman criticized Gensler’s regulatory agenda, saying in a joint statement: “The Agenda makes clear that the Chair’s recent directive to SEC staff to consider revisiting recent regulatory actions taken with respect to proxy voting advice businesses was not an isolated event, but just the opening salvo in an effort to reverse course on a series of recently completed rulemakings.”

Bernice Napach

@Think_Napach

Jeff Berman

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