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Tuesday, December 29, 2020

Meet Wall Street's New Top Cop ... For Now

Reported by Neil Anderson, Managing Editor

Fundsters have a new but familiar top regulator to deal with, at least for now.

Elad L. Roisman
U.S. Securities and Exchange Commission
Acting Chairman
Yesterday the folks at the U.S. Securities and Exchange Commission (SEC) confirmed that President Donald Trump has promoted SEC commissioner Elad Roisman (a fellow Republican) to acting chairman of the regulatory agency. The move comes after Jay Clayton stepped down as chairman last week. (Another commissioner, Hester Pierce, shared words yesterday on Clayton's exit.) Yet the move also comes less than a month before inauguration day.

"I am humbled and honored to serve as the Acting Chairman," Roisman states. "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."

Roisman joined the SEC two years ago in a Republican commissioner spot. (The agency has two Republican commissioner seats, two Democratic commissioner seats, and a chair.) He hails from Maine and previously served as chief counsel to the U.S. Senate's Committee on Banking, Housing, and Urban Affairs. He also worked for a prior SEC commissioner and served at NYSE Euronext and at Milbank, Tweed, Hadley & McCloy. He is an alumnus of Boston University's School of Law and of Cornell University.

Clayton took over the SEC three years ago as chairman. He previously was a partner at Sullivan and Cromwell, an adjunct professor at the University of Pennsylvania's Law School, and a law clerk for a federal judge. He is an alumnus of UPenn twice over and of the University of Cambridge. 

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