Democratic SEC Commissioner Allison Lee to leave agency at term end

Democratic Commissioner Allison Lee announced on Tuesday that she will leave the Securities and Exchange Commission (SEC) when her term is up in June. 

“My term as Commissioner expires in June of this year, and I have notified President Biden that I intend to step down from the Commission once my successor has been confirmed,” Lee said in a statement on Tuesday.

“Over the coming weeks and months, I will remain actively engaged in the Commission’s critically important work, and I look forward to continued progress in advancing the Commission’s regulatory agenda,” she added.

After Lee departs, the commission will have a 2-1 Democratic majority. A vacant Republican seat, previously held by former Commissioner Elad Roisman, is yet to be filled.

“I have been fortunate to rely on Allison’s expertise throughout my time at the SEC on matters as wide-ranging as agency administration, enforcement, and policy issues,” Chair Gary Gensler said of Lee’s departure.

Lee has served in several senior roles in the SEC from 2005 through 2018 before becoming a commissioner in 2019.

Her decision comes as the SEC takes on new rule changes that would impact banks, investment funds and public companies, Reuters noted.