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Trump Is Likely to Nominate Allison Lee as SEC Commissioner, Sources Say

Allison Lee, a former aide to Commissioner Kara Stein, would replace her former boss on the five-member panel.

By Ben Bain, Robert Schmidt and Jennifer Jacobs

(Bloomberg) --Allison Lee, a former enforcement attorney at the U.S. Securities and Exchange Commission, is the Trump administration’s likely choice to replace her former boss in a Democratic seat at the Wall Street regulator, according to people familiar with the matter.

Lee, a former aide to Commissioner Kara Stein, would replace her former boss on the five-member panel, said the people who requested anonymity to discuss the matter. White House communications staff declined to comment. A phone number listed at an address for Lee in Denver was disconnected and she didn’t immediately respond to a LinkedIn message seeking comment.

Picking a replacement for Stein, whose term expired last year, has caused a split among Democrats, with the party’s progressive wing pushing for someone seen as being willing to be tough on Wall Street.

The SEC has been down to four members since Republican Michael Piwowar stepped down last month. Stein, who joined the SEC a week before Piwowar in 2013, has remained at the agency under rules that let commissioners continue serving for as long as 18 months after their terms end if they aren’t replaced.

Trump has nominated Elad Roisman to replace Piwowar. Roisman has had a confirmation hearing before the Senate Banking Committee. But, Republican and Democratic picks are typically paired for a final confirmation vote.

Lee is married to J. Robert Brown Jr., who has served as a board member on the Public Company Accounting Oversight Board since February.

 
To contact the reporters on this story: Ben Bain in Washington at [email protected] ;Robert Schmidt in Washington at [email protected] ;Jennifer Jacobs in Washington at [email protected] To contact the editors responsible for this story: Gregory Mott at [email protected] Joshua Gallu

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