The White House has appointed SEC Commissioner Elad Roisman to be the acting head of the agency until the new administration appoints a permanent successor. Roisman had been a commissioner since 2018 and, prior to that, had 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," said Roisman. "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."

The Biden administration is currently weighing its pick to lead the SEC. That appointee would serve under the new Treasury secretary—the transition team for President-elect Joseph Biden has announced that he will nominate former Federal Reserve Chair Janet Yellen to that position. Possible picks for SEC chair, according to the New York Post, include former Obama administration regulator Gary Gensler, NYU Law Professor Robert Jackson Jr., former U.S. Attorney Preet Bharara, and former Federal Reserve Vice Chairman Roger Ferguson.