By Katanga Johnson
WASHINGTON – Republican U.S. Securities and Exchange Commission member Elad Roisman said on Monday that he intends to resign his role as commissioner by the end of January before completing his five-year term.
Roisman notified President Joe Biden, a Democrat, of his plans in a letter sent on Monday, he said in a statement.
He departs early as the SEC enacts a robust regulatory agenda under SEC Chair Gary Gensler, a Democratic appointee who has prioritized cracking down on misconduct by Wall Street companies and putting an end to the four years of rule-easing that brokers, funds and public companies had enjoyed under Republican President Donald Trump.
Roisman previously served as chief counsel at the U.S. Senate Banking Committee and joined the SEC in 2018.
The SEC will now have three Democrats, including Chair Gensler, and one Republican member.
While this may not necessarily change the Commission’s voting dynamic or priorities – as Democrats already held the majority – analysts say the gap in agency votes may now always come down to party line.
“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 honor to work alongside my extraordinary SEC colleagues, who care deeply about investors and our markets,” he added in a statement.
(Reporting by Chris Prentice and Katanga Johnson in Washington; Editing by Howard Goller)
