President Joe Biden has named Democrat Allison Herren Lee as the new acting chair of the U.S. Securities and Exchange Commission, according to a Jan. 21 press release.
While commenting on the appointment, Chair Lee mentioned that the securities watchdog would continue its work of protecting investors:
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.
Lee has replaced Republican Elad Roisman who was appointed as the agency's interim chairman following the departure of Jay Clayton back in December.
Biden's recent nomination of former CFTC chair Gary Gensler is subject to a future Senate confirmation.