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Former Aide to Kara Stein Is Trump’s Likely SEC Nominee

August 8, 2018

President Donald Trump’s administration is likely to nominate a former aide to Kara Stein as her replacement at the SEC, people familiar with the matter tell Bloomberg.

Allison Lee would replace Democratic Commissioner Stein on the five-member panel, the sources who asked to stay unnamed tell the news service. Lee is a former enforcement attorney at the SEC and is married to a board member on the Public Company Accounting Oversight Board, Bloomberg writes.

Stein’s term expired last year but she has stayed on per an SEC rule that allows commissioners to remain for up to 18 months after their term’s expiration if they don’t have a replacement, the news service writes.

Democrats, meanwhile, have been split on Stein’s replacement, with progressives calling for a commissioner willing to be tough on Wall Street, according to Bloomberg.

The White House’s communications department declined comment to the news service and Lee hasn’t responded to its request for comment.

The SEC has been operating with just four members since Republican Michael Piwowar left the commission last month, according to the news service.

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The Senate Banking Committee has held a confirmation hearing for Elad Roisman, Trump’s nominee to replace Piwowar, Bloomberg writes. But a final confirmation vote typically pairs Democratic and Republican nominees, according to the news service.

By Alex Padalka
  • To read the Bloomberg article cited in this story, click here.