SEC Democratic commissioner Allison Herren Lee plans to leave Wall Street regulator

Lee will stay at the watchdog until President Joe Biden names her successor and that person is confirmed by the Senate.

Allison Herren Lee said she plans to step down as a commissioner at the Securities and Exchange Commission, creating a second vacancy atop Wall Street’s main regulator.

Lee, a Democrat, will stay at the watchdog until President Joe Biden names her successor and that person is confirmed by the Senate, according to a statement Tuesday. Her term is set to expire in June.

“Over the coming weeks and months, I will remain actively engaged in the commission’s critically important work, and I look forward to continued progress in advancing the commission’s regulatory agenda,” Lee said in the statement.

Lee, who has been a commissioner since 2019, served as acting chair of the agency last year during a period of wild trading in GameStop Corp. and other meme stocks that prompted calls for more rules. She has also played a key role in helping Chair Gary Gensler craft climate-change disclosure rules, which the SEC is slated to propose next week.

Lee’s departure will leave a second open spot at the watchdog after Elad Roisman left a Republican seat vacant earlier this year.