The Securities and Exchange Commission announced that President Trump has named Elad Roisman acting chair of the agency.
Roisman has been a commissioner at the SEC since 2018; he had earlier stints as a counsel to SEC Commissioner Dan Gallagher, as chief counsel to the Senate Committee on Banking, Housing and Urban Affairs, as chief counsel at NYSE Euronext, and as an associate at law firm Milbank, Tweed, Hadley & McCloy.
"I am humbled and honored to serve as the acting chairman," Roisman said in a statement. "During the time I am in this role, I am fully committed to maintaining the steady course that Chairman Clayton charted during his admirable tenure. I look forward to continuing to work with the incredible SEC staff and my fellow commissioners as we steward this agency into the new year."
The post was open following the departure of Chairman Jay Clayton last week. Clayton
In a statement announcing his resignation, Clayton said, "I want to thank the 4,500 outstanding women and men of the SEC for their service to investors, our markets and our country. ... Their importance and the impact of their efforts were on full display this past year, when, in the face of tremendous operational, personal and professional challenges, they came together and worked tirelessly to support the continued functioning of our markets. To a person, they know that the over 65 million American households invested in the future of America are counting on the SEC to ensure that our markets provide opportunity with fairness and transparency for all."
"I know the women and men of the SEC will continue to pursue their mission — protecting investors, maintaining fair, orderly and efficient markets and facilitating capital formation — with passion, professionalism and mutual respect," he continued. "It has been the honor and privilege of my professional life to serve the public alongside them."
Clayton's tenure was notable for his deregulatory efforts, not least in loosening auditor independence rules and reducing disclosure requirements under Regulation S-K.
