Biden Announces Admin Changes For SEC, FTC, CFTC

The new acting chair of the Securities and Exchange Commission (SEC) will be Commissioner Allison Herren Lee as designated by President Joe Biden, according to a press release.

“During my time as commissioner, I have focused on climate and sustainability, and those issues will continue to be a priority for me,” she said, according to the release.

Lee was sworn in as commissioner in 2019, and she has written, lectured and taught courses on the financial regulation and corporate law, the release stated. She has also been with the SEC for years in various roles, including counsel to Commissioner Kara Stein and as senior counsel in the Division of Enforcement’s Complex Financial Instruments Unit.

In addition, Federal Trade Commission (FTC) Commissioner Rebecca Kelly Slaughter will be acting chair of the agency as designated by Biden, according to a press release.

Slaughter, in her position as commissioner thus far, has advocated for greater FTC resources, promoting equity and inclusion efforts, the release stated. In addition, Slaughter has been “outspoken” about fighting systemic racism, growing threats to competition and the “broad abuse” of consumers’ data.

Also, Heath Tarbert, a former President Donald Trump nominee, has stepped down as Commodity Futures Trading Commission (CFTC) chair as of Thursday (Jan. 21), Reuters reported.

The leading candidate emerging to replace him is Georgetown University academic Chris Brummer, the report stated, with the White House expected to make a decision soon.

Democratic CFTC commissioner Rostin Behnam is set to serve as acting commissioner for the time being, Reuters reported. Tarbert is going to remain on the commission as he transitions to private life.

Biden took office Wednesday (Jan. 20) and set about signing executive orders, PYMNTS reported. Many of them focused on fighting the pandemic, including orders for mask mandates in federal buildings, establishing a coordinator of the COVID-19 response to lead vaccine rollouts, and establishing ways to safely reopen schools.