August 08, 2018

White House May Tap Former SEC Enforcement Lawyer to Replace Stein

 

Trump administration officials reportedly are focusing on a former SEC enforcement attorney to replace Democratic Commissioner Kara Stein, who must step down by the end of the year.

Trump administration officials are focusing on a former SEC enforcement attorney to replace Democratic Commissioner Kara Stein, who must step down by the end of the year, Bloomberg reported Aug. 6.

Allison H. Lee served as a general attorney in the SEC’s Denver office from 2005 to 2013, followed by a 16-month stint at SEC headquarters as Stein’s legal counsel. In 2015 she returned to the Denver office as senior counsel of their Complex Financial Instruments unit. Since January 2018, Lee has been a corporate governance consultant with Congress Park Consulting, LLC in Washington, DC.

The five-year terms of both Stein and Republican Commissioner Michael Piwowar have both expired. Piwowar announced in May that he would step down on July 7, and President Trump subsequently nominated Elad Roisman, Republican Chief Counsel to the Senate Banking Committee, to replace him. The same committee held a hearing to consider Roisman’s nomination on July 24.

Typically, SEC nominees are voted on by the full Senate in pairs of one Republican and one Democrat. Given the Senate’s schedule for the remainder of this election year, if Lee is indeed President Trump’s choice to replace Stein — the Bloomberg report cited anonymous sources — it’s unlikely that both nominees would join the Commission until sometime late this year.