Commissioner Elad Roisman to Become Acting Chairman of the SEC

Jay Clayton officially stepped down as the Chairman of the Securities and Exchange Commission on December 23rd. His departure had been previously announced and anticipated for this month. In a letter sent to President Trump, Clayton said it had been the honor and privilege of his professional life to serve the public alongside the employees of the SEC.

The vacancy is expected to be filled by Commissioner Elad Roisman as has been reported and seemingly confirmed by the other Republican Commissioner Hester Peirce – as the SEC is yet to announce the transition. Commissioner Peirce tweeted:

 

 

Roisman issued a public statement on the departure of Clayton lauding his tenure. Roisman stated

“With a confident yet caring demeanor, Chairman Clayton led us through not only challenging projects, but also challenging times—a prolonged government shut-down, a global pandemic, a full-time telework posture, and the feelings of social and professional unease that such changes have brought. Through it all, he unfailingly prioritized the well-being of every staff member, as well as the interests of investors, our markets, and our Country.”

Taking the helm of the Commission should be relatively short-lived as the Biden Administration takes over in late January when the balance of control of the Commission will lean back to the Democrats.

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