SEC Back Up to Full Roster as Allison Lee Confirmed by Senate

By:
Chris Gaetano
Published Date:
Jun 21, 2019
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The Senate voted to confirm the addition of Allison H. Lee to the Securities and Exchange Commission, which had been missing a Democratic member to replace former commissioner Kara Stein since the beginning of the year, according to Investment News

The White House nominated Lee in April. Lee had worked for the commission for years as an enforcement attorney under former commissioner Stein. Since then, she has been teaching financial regulation and corporate law at universities in Spain and Italy. Among the enforcement cases she worked on while at the commission was an action against JPMorgan Chase and Credit Suisse with regard to mortgage-backed securities sold during the financial crisis. 

During her confirmation hearing before the Senate Banking Committee, Lee talked about the importance of balancing the needs of everyday Americans and businesses that require capital to grow and prosper. She cited both her experience as someone who has worked in both public and private companies, as well as someone with firsthand experiences of everyday Americans' financial concerns as evidence that she understands both sides. 

"I have seen, experienced and understood this interdependence between investors and business from nearly every angle. I worked in the oil business, at both private and public companies. I’ve owned and run my own small business. Since law school, I’ve worked for over two decades as a securities lawyer, first in private practice as a litigator and partner, and then I was privileged to work on the staff of the SEC. Like many Americans, I’ve worn a lot of hats and juggled a lot of priorities, working my way through college and eventually through law school, raising children, paying the bills, and investing my savings for retirement. If I have the honor of being confirmed, I will bring all of these perspectives to bear in my role as a Commissioner, and I will reach out and listen to all constituencies served by the SEC to further its critical mission," she said. 

The remainder of the SEC commissioners, in a statement, said they were looking forward to working with her, and welcomed her return to the commission. 

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