Allison Herren Lee named acting SEC chair

Allison Herren Lee has been named acting chair of the Securities and Exchange Commission by President Joe Biden. Lee has served as an SEC commissioner since 2019.

Biden has nominated Gary Gensler, the former chairman of the Commodity Futures Trading Commission, to serve as SEC chairman, but that nomination must be approved by the Senate.

Former SEC Chairman Jay Clayton departed on Dec. 23. Former President Donald Trump had appointed a Republican commissioner, Elad L. Roisman, as acting chairman on Dec. 28.

[More: Jay Clayton’s legacy at the SEC: Productive or partisan?]

Roisman and the other two members of the SEC, Hester Peirce and Caroline Crenshaw, issued a statement congratulating Lee. “We look forward to continuing our work together to protect investors, maintain fair, orderly and efficient markets, and facilitate capital formation,” they said in the statement.

Before becoming a commissioner, Lee had been a member of the SEC staff for more than 10 years, serving as counsel to former commissioner Kara Stein and working in the enforcement division.

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