Trump Appoints Roisman Acting Chairman of the Board of Directors of the SEC

Trump Appoints Roisman Acting Chairman of the Board of Directors of the SEC

President TrumpDonald Trump, the editorial board of the New York Post called on President Trump to “ start thinking ” about the run-off in Georgia rather than turning the election around. On Monday, the agency announced the appointment of Elad Ruizman as acting president of the Securities and Exchange Commission.

Roisman, a Republican, was nominated by Trump and confirmed to the Securities and Exchange Commission in 2018 after serving as the Republican senior advisor to the Senate Banking Committee. He succeeds former President Jay Clayton, who was appointed by Trump to the Securities and Exchange Commission and led the investment regulatory authority since May 2017.

Clayton, whose term on the Securities and Exchange Commission ends in 2021, said in November that he would resign from the SEC at the end of 2020. His announcement came months after Trump nominated Clayton to replace Geoffrey Berman, the former US attorney for the Southern District of New York.

While Clayton sought to remain in the Trump administration while returning to his home in New York, his lack of experience with public prosecution and controversy over Berman’s impeachment hampered his candidacy. He was a partner at law firm Sullivan & Cromwell before joining the Securities and Exchange Commission, specializing in mergers and acquisitions and stock offerings on Wall Street.

Roisman will lead the SEC, which is divided equally along party lines, working with Republican commissioners Hester Pearce and Democratic commissioners Alison Lee and Caroline Crenshaw. They were all nominated by Trump for membership in the Securities and Exchange Commission, which is legally barred from having more than three members from any political party.

Clayton’s departure gives President-elect Biden a chance to install a Democratic majority on the Securities and Exchange Commission with a new member. SEC commissioners serve for a fixed term, but the president can nominate any commissioner to serve as president. Biden could nominate Lee or Crenshaw to chair the Securities and Exchange Commission, or nominate another Democrat to replace Clayton and serve as chairman of the board.

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