Allison Lee was appointed by former President Donald Trump in 2019 to fill a Democratic seat on the SEC. She was unanimously confirmed and served as interim SEC Chair in early 2021. Photo courtesy Securities and Exchange Commission
March 15 (UPI) — Allison Herren Lee, a commissioner at the U.S. Securities and Exchange Commission, said Tuesday that she will leave the agency this summer after a successor is found. Lee’s term runs until June, but she said Friday that she will stay in the office until a replacement is confirmed. Her departure will open up another seat at the SEC after Commissioner Elad Roisman left in January.
Lee was appointed by former President Donald Trump in 2019 to fill a Democratic seat on the commission. She was unanimously confirmed and was interim SEC Chair in early 2021.
“Serving investors and the public as a commissioner and as acting chair has been an extraordinary honor,” she said in a statement. “My fellow commissioners and the commission staff are dedicated and tireless public servants, and working alongside them has been the privilege of a lifetime.”
“I have been fortunate to rely on Allison’s expertise throughout my time at the SEC on matters as wide-ranging as agency administration, enforcement, and policy issues, ” SEC Commission Chair Gary Gensler said in a statement. “She always maintains a clear sense of purpose on behalf of the American public, and we have benefited greatly from her service.”
The SEC will maintain a 2-1 Democratic majority after Lee’s departure, and President Joe Biden still has to nominate a commissioner to fill the Republican chair left vacant by Roisman.
Lee’s announcement came ahead of a scheduled vote Wednesday on new cybersecurity rules for public companies.
Earlier this week, Lee told an attorneys group that lawyers should be held to higher professional standards when it comes to giving advice to corporate executives that can harm capital markets.
On one issue in particular, she acknowledged a “multi-trillion dollar” industry developed around cryptocurrencies and digital assets, which she says “largely defies existing laws and regulations.”
Before she was a commissioner, Lee worked in the SEC’s enforcement division and rose to senior counsel of the complex financial instruments unit.
