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Friday, June 21, 2019

The Senate Refills the SEC

News summary by MFWire's editors

The asset management industry's oversees have a full leadership complement once again.

Allison Herren Lee
U.S. Securities and Exchange Commission
Incoming Commissioner
Yesterday, the U.S. Senate voted (by voice) to confirm Allison Lee as a commissioner at the Securities and Exchange Commission. Bloomberg (twice), InvestmentNews, Pensions & Investments, and Reuters all reported on the news.

Lee will take the second Democrat spot on the commission, filling the shoes of her old boss, Kara Stein. (Even before President Trump nominated her, Lee was long rumored to be a favorite to succeed Stein.) Among the other current commissioners, the term of the other Democrat, Robert Jackson, expired earlier this month, yet he can serve for up to about 18 months if no replacement is named, so Trump may not need to worry about naming any more new SEC commissioners until late 2020. The other commissioners' terms expire in 2020, 2021, and 2023.

Paul Schott Stevens, president and CEO of the Investment Company Institute (ICI), lauds Lee as "a highly experienced professional" and states that the mutual fund industry trade group "welcomes her confirmation." Lee's soon-to-be-fellow commissioners also welcomed her back.

An alumna of the University of Denver's Sturm College of Law, Lee currently works with Congress Park Consulting. Prior to that she spent 13 years at the SEC, where she served as an enforcement attorney and as counsel to then-Commissioner Stein. Earlier in her career she worked at Sherman & Howard and clerked for a judge on the Colorado Supreme Court. 

Edited by: Neil Anderson, Managing Editor

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