With former Chairman Jay Clayton stepping aside at the end of 2020 and a replacement not yet confirmed, the carousel of acting chairs at the Securities and Exchange Commission continues.
As such, President Biden has designated Commissioner Allison Herren Lee as Acting Chair of the agency, according to a Jan. 21 announcement by the SEC. She replaces Commissioner Elad Roisman, who had only been named Acting Chair by President Trump less than a month ago on Dec. 28, following Clayton’s departure. 
“It’s an honor to continue my service on the Commission in this new role,” Acting Chair Lee stated. “I have tremendous respect for my colleagues on the Commission and the exceptional staff across the agency, and look forward to working closely with them. Together we will continue the agency’s work of protecting investors and ensuring market integrity.”
Lee noted that during her time as Commissioner, she has focused on climate and sustainability issues, which will continue to be a priority for her.
She was sworn in as Commissioner on July 8, 2019, and is serving out the remainder of a five-year term that expires June 5, 2022, for the seat that was vacated by former Commissioner Kara Stein.
Lee served on the staff of the SEC for over a decade in various roles, including as counsel to Stein and as Senior Counsel in the Division of Enforcement’s Complex Financial Instruments Unit. In addition, she has served as a Special Assistant U.S. Attorney and was a member of the American Bar Association’s former Committee on Public Company Disclosure. Prior to government service, Lee was a partner at the Denver law firm of Sherman & Howard LLC, focusing on securities, antitrust and commercial litigation.
Lee will likely serve in this role until a replacement is confirmed by the Senate. Biden recently announced his intention to nominate Gary Gensler to serve as chairman of the SEC. If Gensler is confirmed, the Commission’s balance would shift to three Democratic-leaning members (Gensler, Lee and Caroline Crenshaw) to two Republican-leaning members (Roisman and Hester Peirce).
