This week, the U.S. Senate confirmed Allison Lee as Commissioner of the Securities and Exchange Commission by unanimous consent giving the SEC Commission a full set of five Commissioners for the first time since the departure of former Commissioner Kara Stein at the beginning of 2019. As we have previously reported, the addition of Lee as a Commissioner will provide another voice for Democrats at the SEC. Lee is a former counsel for Commissioner Stein and will likely align very closely with the ideology of her predecessor and former boss.
With both Democrat slots filled, the SEC has a full complement of five Commissioners. SEC Chair Jay Clayton, a Trump appointee and political independent, but who consistently votes Republican, controls the Commission's agenda. Along with the expected support of Republican Commissioners Elad Roisman and Hester Peirce, he has a 3-2 majority. Like Stein, Lee will work to influence how Clayton's agenda is implemented and draw attention to issues important to Democrats.