Democratic SEC commissioner to leave agency in February

Democratic SEC commissioner to leave agency in February
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Robert Jackson, the senior Democratic member of the Securities and Exchange Commission (SEC), announced Thursday he will leave the agency on Feb. 14.

Jackson’s office confirmed Thursday that he will leave the SEC and return to teaching at New York University School of Law. Reuters first reported Jackson’s departure.

“Serving on the Commission has been the privilege of my lifetime,” Jackson said in a statement.

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“I will always be proud to have served alongside my fellow Commissioners, Chairman [Jay] Clayton, and especially the Commission’s Staff, who dedicate their careers to protecting ordinary investors and give hardworking American families the chance to build a better future.”

Jackson was appointed to the SEC by President TrumpDonald John TrumpKaine: Obama called Trump a 'fascist' during 2016 campaign Kaine: GOP senators should 'at least' treat Trump trial with seriousness of traffic court Louise Linton, wife of Mnuchin, deletes Instagram post in support of Greta Thunberg MORE and confirmed by the Senate in January 2018. He was the first Democrat appointed to the SEC by Trump, who was obligated under federal law to appoint two non-Republican commissioners.

While Jackson’s term expired in June, he was allowed to stay at the SEC for up to 18 months until his replacement was confirmed by the Senate. 

Jackson was an outspoken critic of proposals advanced by the SEC to loosen post-financial crisis investment and advisory rules. As the only Democrat on the commission until July 2019, Jackson was the sole opponent of the SEC’s looser conflict of interest standards for stock brokers and financial advisers.

Jackson also voted against easing the “Volcker Rule,” a Dodd-Frank Act provision banning banks from making certain risky investments with the company’s own capital. 

Advocates for tough financial sector oversight praised Jackson for fighting against his colleagues’ efforts to ease regulations.

“Commissioner Jackson has been a steadfast and effective ally in the fight for investor protection, fair markets and sustainable capital formation,” said Dennis Kelleher, president and CEO of Better Markets, a nonprofit supporting strict financial regulations.

“His clear and strong voice pushing the SEC to live up to its mission of putting investors first will be missed and we urge the President and Senate to move swiftly to nominate and confirm his replacement.”

Jackson’s departure leaves Allison Lee as the sole Democratic SEC commissioner. Reuters reported that Trump is expected to nominate Caroline Crenshaw, an attorney in Jackson’s office, to replace him.