The Securities and Exchange Commission today announced that President Donald Trump designated Elad L. Roisman as Acting Chairman of the agency.
Roisman was sworn in as a Commissioner of the SEC on Sept. 11, 2018. Prior to joining the Commission, he served as Chief Counsel on the U.S. Senate Committee on Banking, Housing, and Urban Affairs.
“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.”
He previously held positions as a Counsel to SEC Commissioner Dan Gallagher, as a Chief Counsel at NYSE Euronext and as an associate at the law firm of Milbank, Tweed, Hadley & McCloy LLP in New York. Acting Chairman Roisman earned his juris doctorate from the Boston University School of Law and graduated from Cornell University with his bachelor’s degree in History.
Clayton departs
Chairman Jay Clayton announced in mid-November that he would step down before the end of the year, bringing to a close what many see as a controversial tenure.
Clayton was sworn in 2017 and criticized by Democrats and consumer advocates for what they saw as his industry-friendly approach, most notably with Regulation Best Interest, which many consider a toothless version of the Department of Labor’s stricter fiduciary rule.
“I again want to thank the 4,500 outstanding women and men of the SEC for their service to investors, our markets and our country,” Clayton said upon exiting the agency right before Christmas. “They have shown time and again how fortunate we are as a nation to have individuals of strong character and unwavering commitment serving at this great agency.”
With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of Investment Advisor magazine and retirement editor of ThinkAdvisor.com. Sullivan is also the former editor of Boomer Market Advisor and Bank Advisor magazines, and has a background in the insurance and investment industries in addition to his journalism roots.
