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Biden selects Allison Herren Lee for SEC acting chair

Biden selects Allison Herren Lee for SEC acting chair
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President Biden on Thursday appointed Allison Herren Lee to serve as acting chair of the Securities and Exchange Commission (SEC).

Lee, a Democrat, has been tapped to lead the investment industry regulator until the Senate confirms Gary GenslerGary GenslerOn The Money: Senators push for changes as chamber nears vote on .9T relief bill | Warren offers bill to create wealth tax Financial regulators home in on climate risks On The Money: Democrats scramble to save minimum wage hike | Personal incomes rise, inflation stays low after stimulus burst MORE, a Democrat who Biden will nominate for chairman. Lee was appointed to the SEC by former President TrumpDonald TrumpSouth Carolina Senate adds firing squad as alternative execution method Ex-Trump aide Pierson won't run for Dallas-area House seat House Oversight panel reissues subpoena for Trump's accounting firm MORE and confirmed by the Senate in July 2019.

“It’s an honor to continue my service on the Commission in this new role,” Lee said in a Thursday statement. “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.”

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Lee will replace Elad Roisman as the SEC’s acting chief. Roisman, a Republican commissioner, was appointed by Trump to serve as acting chairman following the December resignation of former SEC Chairman Jay Clayton.

Democrats will take control of the SEC if the Senate confirms Gensler as chairman. The agency is currently split between two Democrats, Lee and Commissioner Caroline Crenshaw, and two Republicans, Roisman and Commissioner Hester Peirce.

Gensler served as chairman of the Commodity Futures Trading Commission (CFTC) during the Obama administration and is expected to push the SEC into tighter regulation of Wall Street

The SEC is one of several powerful financial regulators where Biden can quickly make a mark before his full-time nominees are confirmed. 

Biden on Wednesday designated Dave Uejio as acting director of the Consumer Financial Protection Bureau (CFPB) pending the confirmation of full-time nominee Rohit ChopraRohit ChopraBiden's Wall Street watchdog picks to offer clues on regulations On The Money: Senators push for changes as chamber nears vote on .9T relief bill | Warren offers bill to create wealth tax On The Money: Democrats scramble to save minimum wage hike | Personal incomes rise, inflation stays low after stimulus burst MORE

Once Biden designates an acting chief of the Office Comptroller of the Currency, Democratic appointees will have a majority on the board of the Federal Deposit Insurance Corp., which includes the CFPB director and Comptroller of the Currency as members.

CFTC Commissioner Heath Tarbert (R) announced his resignation as chairman Thursday, allowing Biden to appoint an acting chief. Biden also appointed Rebecca Slaughter as acting chair of the Federal Trade Commission, where she’s served as a commissioner since May 2018.