Democratic SEC Commissioner Lee To Leave Agency After Term Expires In June

WASHINGTON, March 15 – Democratic Commissioner of the US Securities and Exchange Commission (SEC) Allison Lee plans to leave the agency after her term expires in June, but will remain in office until a successor is named. she said in a statement on Tuesday.

“My term as commissioner ends this June, and I have notified President Biden that I intend to step down from the commission as soon as my successor is confirmed,” Lee said Tuesday.

Lee’s departure comes as the agency tackles an ambitious program of rule changes that will affect public companies, brokers, Wall Street banks and investment funds.

However, the Securities and Exchange Commission will still maintain a slim 2-to-1 Democratic majority as it continues to look to replace one vacant Republican seat vacated by former Commissioner Elad Roisman in January.

Commissioner since 2019, Lee previously held senior positions with the SEC for several years from 2005 to 2018, including as a trial attorney.

In January 2021, she began acting as chair of the agency until Gary Gensler was sworn in as head of the Wall Street regulator in April 2021.

“Allison Lee has finally raised the bar by serving as chair of the SEC,” said Satyam Khanna, a sustainability consultant and former SEC advisor on climate policy and ESG.

“She launched groundbreaking ESG initiatives within the SEC, including filing a public disclosure request for climate risk disclosures, directing the research department to focus more on ESG, and helping shed light on how investor money votes in corporate elections.” Hanna said.

Reporting Katanga Johnson in Washington; Edited by Andrew Havens and Mark Porter

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