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"My
term as Commissioner expires in June of this year, and I have
notified President Biden that I intend to step down from the
Commission once my successor has been confirmed," Lee said on
Tuesday.
Lee's departure would come as the agency tackles an ambitious
agenda of rule changes that would affect public companies,
brokers, Wall Street banks and investment funds.
The SEC would still maintain a thin 2-1 Democratic majority,
however, as it continues to await a replacement of one empty
Republican seat vacated by former Commissioner Elad Roisman in
January.
A commissioner since 2019, Lee had previously spent several
years in senior roles at the SEC from 2005 to 2018, including
time as an enforcement attorney.
In January 2021, she began serving as acting chair of the agency
until Gary Gensler was sworn in as chief of the Wall Street
regulator in April 2021.
"Allison Lee definitively raised the bar while serving as acting
chair of the SEC," said Satyam Khanna, a sustainability
consultant and former SEC policy advisor for climate and ESG.
"She launched pathbreaking ESG initiatives across the SEC,
including issuing a request for public information on climate
risk disclosure; directing the examination unit to enhance its
focus on ESG; and helping shine a light on how investors' money
is voted in corporate elections," Khanna said.
(Reporting by Katanga Johnson in Washington; Editing by Andrew
Heavens and Mark Porter)
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