The White House has formally nominated Allison H. Lee, who spent years working at the Securities and Exchange Commission as an enforcement attorney, to fill the agency's remaining leadership slot, which had been reserved for a Democrat, according to the Wall Street Journal. Lee had previously worked for former commissioner Kara Stein, whose term recently ended, before leaving her staff role last January. 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. 

According to the journal, the SEC currently has two Republican members and one Democrat. The agency's chairman, Jay Clayton, is a political independent who was appointed by the president and confirmed by the Senate in May 2017. Under federal law, the SEC can have a maximum of three commissioners from the same political party.

It is currently unknown when Lee's confirmation hearing will be.