SEC Chairman Gary Gensler is losing his Chief of Staff, Prashant Yerramalli. An announcement issued by the Commission indicates that Yerramalli will depart the SEC at the end of the year.
Yerramalli served as the SEC’s Chief of Staff since Jan. 20, 2021, initially under Acting Chair Allison Herren Lee and then under Gensler.
Amanda Fischer, currently Senior Counselor to Chair Gary Gensler, will be appointed Chief of Staff, effective upon Yerramalli’s departure.
Fischer is described as one of Gensler’s principal advisers. Prior to joining the SEC, Fischer was the Policy Director at the Washington Center for Equitable Growth. The Center was founded by former Clinton Administration Chief of Staff John Podesta.
Chair Gensler issued the following statement on Yerramalli’s departure.
“I have the deepest appreciation for Prashant. His counsel, judgment, and leadership have been invaluable to the agency and me. He has a deep understanding of the capital markets and the SEC. He is a wonderful colleague who has earned the respect of everybody who has had an opportunity to work with him. Working with Prashant has been a joy, and his many contributions to the SEC have made our markets stronger.”
Yerramalli said it has been an honor to work with Chair Gensler, working with him and the other Commissioners to improve the financial futures of American families.
“I could not be more grateful for the opportunity that I have had to serve in this role, and I’m confident that the agency and the investing public will be well-served by Amanda when she takes over as Chief of Staff.”
The transition arrives at a time when Republicans are poised to retake the House and perhaps the Senate, thus ushering in new leadership of the Committees that hold oversight of the SEC. House members are preparing an agenda that will press the SEC on multiple rule-makings as well as a recent report that criticized the Commission’s management.