President Trump has designated Elad Roisman as the acting chairman of the Securities and Exchange Commission.
He has replaced Jay Clayton, who resigned from his position last Wednesday.
“I am humbled and honored to serve as the acting chairman,” Roisman said in a press release issued by the SEC. “During the time I am in this role, I am fully committed to maintaining the steady course that Chairman Clayton charted during his admirable tenure. I look forward to continuing to work with the incredible SEC staff and my fellow commissioners as we steward this agency into the new year.“
Roisman will lead the SEC which is split along party lines, serving with Republican Commissioner Hester Peirce and Democratic Commissioners Allison Lee and Caroline Crenshaw. All were nominated by President Donald Trump to the SEC.
Clayton’s departure will also give Joe Biden an opening to install a Democratic majority on the SEC with a new member. SEC commissioners serve fixed terms, but the president can nominate any commissioner to serve as chairman.
Progressive Democrats have opposed the changes, saying they will make it harder to push corporations on climate change. Analysts expect Joe Biden will to try to reverse them.
A formal White House decision to appoint Roisman as acting chair would break with protocol. Typically, the longer-serving party commissioner, in this case Peirce, steps up.
The official announcement comes after Republican Commissioner Hester Peirce congratulated Roisman on Twitter for ascending to the top role temporarily.