Republican U.S. Securities and Exchange Commission member Elad Roisman on Monday declared his intention of stepping down from the government agency. This effectively cuts short his five-year term at the end of January. He is currently one of the five members of SEC.
Announcing his statement on Monday, Roisman had informed President Joe Biden regarding his decision to leave SEC through a letter. However, Roisman added that he would continue working with his colleagues. He said he would continue ”To further our mission of protecting investors, maintaining fair, orderly, and efficient markets, and facilitating capital formation” until his departure.
Elad Roisman’s Journey
As this news comes out, it is important to take a look at his journey. Elad Roisman had sworn into office in September 2018 under the previous administration. It is during this reign that he also served as acting SEC chair from December 2020 to January 2021. He was succeeded by Allison Herren Lee. Prior to SEC, Roisman had served as chief counsel at the U.S. Senate Banking Committee.
SEC’s Status with Roisman’s Departure
With Roisman’s departure at the end of January, the SEC will remain with three democrats, including Chair Gensler and one Republican member. However, analysts opine that with democrats already holding the majority, the gap in agency votes might come down to the party line. Nonetheless, on a surface level, Roisman’s departure need not necessarily change the SEC’s voting dynamic or priorities.
Roisman in his statement added, “Serving the American people as a Commissioner and an Acting Chairman of this agency has been the greatest privilege of my professional life. It has been the utmost honour to work alongside my extraordinary SEC colleagues, who care deeply about investors and our markets.’’
Commissioner Roisman's work has benefited investors, the capital markets, the SEC, and our nation. I cannot overstate the privilege of serving alongside someone so humble, hard-working, patriotic, and principled. https://t.co/TjoKymy12U— Hester Peirce (@HesterPeirce) December 20, 2021
Commenting on Roisman’s announcement, Hester Peirce, the commissioner of the Securities and Exchange Commission tweeted “Serving the American people as a Commissioner and an Acting Chairman of this agency has been the greatest privilege of my professional life. It has been the utmost honour to work alongside my extraordinary SEC colleagues, who care deeply about investors and our markets.”