The SEC Returns to Full Strength ... For Now
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Thursday, September 06, 2018

The SEC Returns to Full Strength ... For Now

And then there were five SEC commissioners again ... at least for now.

Yesterday the U.S. Senate confirmed Elad Roisman by a vote of 85-14. Roisman will fill a recently vacated Republican commissioner spot at the Securities and Exchange Commission spot, bringing the regulatory agency back up to its full complement of five commissioners (a chairman, two Democrats, and two Republicans).

Bloomberg, Pensions & Investments, ThinkAdvisor, and the Wall Street Journal all reported on Roisman's confirmation.

Meanwhile, there's still no official word on who will take the place of Democratic commissioner Kara Stein by the end of the year. Stein's term ended last year, but commissioners can stay on for about 18 months if they haven't yet been replaced: Stein's extra 18 months will end in December. For the past month, the public rumor has been that Allison Lee, an ex-SEC enforcement attorney and former aide to Stein, is Democrats' choice to succeed Stein, but President Trump has not made any nominations for the spot.

Trump nominated Roisman in June. He is from Maine and currently serves as chief counsel to the U.S. Senate's Committee Banking, Housing, and Urban Affairs (the same committee that questioned him for this nomination and then pushed it up to the full Senate).

Public congratulations are pouring in, of course. Current SEC Commissioners Stein, Robert Jackson, Hester Peirce, and Chairman Jay Clayton formally welcomed Roisman yesterday. Paul Schott Stevens, president and CEO of the ICI, lauds the new commissioner for his "commitment to fair markets and capital growth." Kenneth Bentsen, president and CEO of SIFMA, also congratulated Roisman.

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