President Trump Nominates Former SEC Attorney to Fill Vacant Democrat Commissioner Slot
April 6, 2019
This week, President Trump nominated Allison H. Lee to fill the Democrat Commissioner slot left vacant by the Departure of Commissioner Kara Stein in December. Ms. Lee is a former SEC Division of Enforcement attorney who also served as counsel to Commissioner Stein. Following her time with Commissioner Stein, she worked with a specialized legal group at the Commission specializing in complex financial products and schemes. She left the Commission in early 2018 and then taught financial regulation in Spain and Italy.
Ms. Lee was nominated for a seat expiring in 2022. SEC Commissioners serve out a set term of five years which is not tied to the individual serving the term. If Ms. Lee were confirmed, it would provide another Democrat voice at the SEC. The Commission currently has two Republicans, and Chairman Jay Clayton is a political independent whose views often align with the Republicans, giving them a 3-2 voting majority.
The next step would be for the Senate Banking Committee to schedule a hearing to review Ms. Lee's qualifications and take testimony from her, followed by a Committee and then Senate vote. The timing of a hearing is not yet known.