Acting chair of SEC named as Gary Gensler awaits confirmation

SEC commissioner Allison Herren Lee has been named acting chairwoman of the U.S. securities regulator, according to a statement from the agency released Thursday.

Lee, who became an SEC commissioner in mid-2019, will serve in an acting capacity as newly-inaugurated president Joe Biden's pick, Gary Gensler, awaits confirmation in the U.S. Senate.

“It’s an honor to continue my service on the Commission in this new role,” Lee said in a statement. “I have tremendous respect for my colleagues on the Commission and the exceptional staff across the agency, and look forward to working closely with them. Together we will continue the agency’s work of protecting investors and ensuring market integrity.”

Gensler, a former CFTC chairman, was officially nominated earlier this week. The role of SEC chair requires confirmation in the U.S. Senate, though it is unclear at this time when Gensler will begin that process.