As per his announcement last month, SEC commissioner Elad Roisman has stepped down from his position at the agency this Friday.
Roisman Exits the SEC Two Years Ahead of Schedule
Republican commissioner Roisman has ended his term two years ahead of schedule. He first announced his departure in December after the holidays.
Former commissioner Roisman did not have a lot to say when officially exiting SEC. Former commissioner Roisman stated he will always be grateful for his time at SEC and working with his colleagues. Roisman added that the dedicated SEC staff not only believed in the agency’s mission but unceasingly demonstrated their commitment to it through action.
SEC commissioner Elad Roisman originally started working as a SEC commissioner in 2018 following the appointment of former President Donald Trump. He was to serve for five years, although not guaranteed with the change in presidency.
President Donald Trump appointed Roisman as the acting chair of SEC for a month from December 24, 2020, to January 21, 2021. A day after President Joe Biden took office, he replaced Roisman with Democratic commissioner Allison Herren Lee.
Roisman Has Not Always Seen Eye to Eye with SEC Chair Gary Gensler
Roisman’s departure leaves Hester Peirce as the sole Republican commissioner of the SEC. After the transition of the presidency and appointment of Gary Gensler, a democrat, as SEC chair, the agency’s composition has been 3-2 in favour of the Democrats. As a result, Republican commissioner Roisman has been chiefly on the losing side of significant policies.
When SEC announced new rules on security-based swaps, money market fund reforms, and share repurchases, Roisman filed dissenting statements. Additionally, after Roisman announced his departure, Gary Gensler thanked the commissioner for his service. Gensler also admitted that he and Roisman had not always agreed on policy matters.
The mismatch of views between Roisman and the other commissioners may have fueled his sudden exit. The SEC should replace Republican commissioner Roisman with another Republican. However, appointments to the agency are not always fast, and seats are frequently held on an interim basis. Thus, it is uncertain when his replacement may come.
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