SEC Commissioner Allison Herren Lee has announced her pending departure from the Commission. According to a statement, Lee’s term expires this June and she has decided to exit the top US securities regulator at that time.
Commissioner Lee issued the following statement:
“My term as Commissioner expires in June of this year, and I have notified President Biden that I intend to step down from the Commission once my successor has been confirmed. Serving investors and the public as a Commissioner and as Acting Chair has been an extraordinary honor. My fellow Commissioners and the Commission staff are dedicated and tireless public servants, and working alongside them has been the privilege of a lifetime. Over the coming weeks and months, I will remain actively engaged in the Commission’s critically important work, and I look forward to continued progress in advancing the Commission’s regulatory agenda.”
SEC Chairman Gary Gensler said that Lee is an extraordinary public servant who is incredibly dedicated to the SEC’s mission.
“She first joined the SEC’s Division of Enforcement in our Denver Regional Office in 2005. Along the way, Allison has served in a number of roles, including as Counselor to former Commissioner Kara Stein, Senior Counsel in the Complex Financial Instruments Unit, and Acting Chair last year. During her time as Acting Chair, she brought swift focus to important investor issues, such as climate-related disclosures. 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. She always maintains a clear sense of purpose on behalf of the American public, and we have benefited greatly from her service. Allison has agreed to serve until her replacement is appointed, and I look forward to continuing our work together in the coming months.”
The Commission will soon be down to two Commissioners, as well as the Chairman, as they are still waiting on another nomination to fill Elad Roissman’s seat who left the SEC this past January.