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SEC Commissioner Allison Herren Lee Resigns


Allison Herren Lee will step down as commissioner on the Securities and Exchange Commission.

Announcement made on Tuesday DealBook newsletter was the first to report it, exactly one year after Ms. Lee announced as vice chair that climate change disclosures would suffer. a priority for the agency. In doing so, Ms. Lee, appointed by President Donald J. Trump in 2019 to fill the Democratic seat on the commission, paved the way for her successor, Gary Genslertook over last April. The Commission will hold a vote on the proposed environmental disclosure rules next week.

Ms. Lee, 63, caught the political fire for target setting while in an interim leadership role, but some of her colleagues praised the determined approach. “As vice-president, he quickly focused on key investor issues such as climate-related disclosures,” said Mr Gensler. “I’m lucky to have trusted Allison’s expertise.”

Robert Jackson, a former SEC commissioner, said he had “informed the market” about environmental disclosures.

Last year, Ms. Lee invited the public to comment on these statements long before any proposals were tabled, and allowed industry players to voice their concerns and problems in advance. Mr Jackson said this public debate has placed the agency “to develop a thoughtful rule of thumb in this critical area”. “It set the standard by which all future heads of financial institutions will be judged,” he said.

Early experience in the energy industry has informed his work. “I started working in the oil business when I was in college to help pay for my business degree in mine management,” Ms. Lee told DealBook. “My first professional job was what we called a ‘land man’ at the time,” he said, negotiating with landowners to get rents for energy research.

Ms. Lee then went to law school on a full scholarship, became a law firm partner, and later joined the SEC’s practice division. “In retrospect, as a woman in the oil business in the late ’70s and early ’80s she was like a professional crucible back then,” she said. “At the time, I didn’t even know how to finish law school, much less I would have expected to take on that role and be at the top of the vote on climate change disclosures.”

It could be a long goodbye for him in the SEC owned by the Biden administration. struggled to place some candidates, so Ms. Lee’s warning may not bring swift change. If his replacement isn’t confirmed, he’ll stay after his term ends in June, but he’s eager to start a visiting professorship in Italy, where he’s delayed becoming a commissioner.

His departure would leave two vacancies in the agency’s five-member board, including one recently vacated by Elad Roisman, a Republican. A maximum of three commission members cannot be members of the same political party.



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